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Which of the following statements regarding qualified home equity indebtedness is correct? The limit on qualified home equity indebtedness depends on filing status. Limits on

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

The limit on qualified home equity indebtedness depends on filing status.

Limits on qualified home equity indebtedness and qualified acquisition indebtedness do not apply to the same loan.

If the value of a home drops, the amount of qualified home equity indebtedness on an existing home equity loan also drops.

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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