After the housing bubble of 2008 the federal government implemented a first time home buyer credit of $8000. I was a bit young back then, but I do remember hearing talk of this credit, as well as other government stimulus plans such as "cash for clunkers" and the corporate bailouts. After the multi trillion dollar stimulus was passed by the federal government, I can't help but compare our pending economic crisis to that of 2008. The shock of the 2008 housing bubble birthed multiple stimulus packages (housing credit, cash for clunkers, corporate bailouts), so I wonder if more stimuli will be implemented if our economic conditions continue to worsen amid this global pandemic.
As Robert Kiyosaki says, massive transfers of wealth occur in economic crashes, so I'm trying to prepare so I will be on the winning side of that transfer! In the 2008 first time home buyer credit, could spouses both get the credit, or is it one per household? My wife and I have never purchased a home, so if a first time home buyer credit is implemented, I'm wondering if we could double dip and buy one home in her name and a second home in my name in order to maximize the benefit. However, my gut is telling me that since we file taxes jointly, the federal government won't let that fly. For background, I am in the Navy and will be a "geo-bachelor" living in a different city than my wife for 2 years. My goal is to house hack a duplex/triplex/quadplex and simultaneously buy a single family home for my family that I will eventually move into as well. If anyone has any experience using the 2008 home buyer credit, please help me understand it!
