1. Elsie lives in Augusta Georgia. Every year during the Master's Golf Tournament she rents the house for one week for $5,000. Elsies yearly interest expense on the mortgage Is, $24,000 and her real estate tax is $12,000. Other expenses of running the house are $6,000. How much income must Elsie report from the rental and how much of the expenses are deductible? Does the answer to the previous question change and if so how, if Elsie rents the house out for one month?