The defult chalenges do as well as the gun chalenges but, all the prestige killstreak kills and presige gun kills do not reset. Titles and emblems do not reset
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You can Prestige in MW2 precisely 10 times.
Reach Prestige 1 and Level 69.
Get to ninth prestige
When you reach level 70, entering prestige mode means reseting certain things such as level and gun stats (including camos and attchments) but gives you extra weapon challenges, titles, emblems, extra custom classes and special prestige logos.
once you get to lvl 70 you get the rest of the xp and go to barracks and go to prestige and and then hit more info and hit ok then yes and then you have prestiged