Which of the Following Statements Regarding Qualified Home Equity Indebtedness

question 34

Multiple Choice

Which of the following statements regarding qualified home equity indebtedness is correct?

• A) The limit on qualified home equity indebtedness depends on filing status.
• B) Limits on qualified home equity indebtedness and qualified acquisition indebtedness do not apply to the same loan.
• C) If the value of a home drops, the amount of qualified home equity indebtedness on an existing home equity loan also drops.
• D) In order to deduct interest on home equity indebtedness, taxpayers must use the proceeds of a home equity loan to improve the home.

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Definitions:

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