(MONEY Magazine) – COLLECTIBLES Q. I have a poster, dated 1933, that was used to advertise the movie King Kong. The poster is in excellent condition. How much might it be worth? John Tsigakos New York City

A. The answer depends on a number of factors, such as condition and dimensions. The original posters used to promote the 1933 classic were made in several sizes including 11 inches by 14 inches, 27 inches by 41 inches, 41 inches by 81 inches, and a Kong-size 81 inches square. According to George Theofiles, a vintage-poster dealer in New Freedom, Pa., the two 27-inch-by-41- inch versions are the most sought after and command up to $10,000 at auction. These rare posters show Kong holding Fay Wray and either crushing a biplane from the Empire State Building or chasing citizens down streets. To get a free appraisal, send the dimensions and a photograph of your poster to the collectibles department at Sotheby's, 1334 York Ave., New York, N.Y. 10021.

GOLD COINS Q. Is there a way to buy newly minted U.S. gold coins directly from the government to avoid paying a commission to a coin dealer? Thomas P. Morrissy Lake Geneva, Wis.

A. No. The U.S. Mint sells bullion coins to only 29 gold and 36 silver purchasers such as Prudential-Bache Securities and Shearson Lehman Hutton. The firms then either sell at retail themselves or distribute the coins to retailers across the country. For a free list of retail outlets in your area, call the U.S. Mint at 800-USA-GOLD and ask for its brochure, American Eagle Buyer's Guide.

IRAS Q. I got a severance bonus for 1987 from my employer as part of an early- retirement package. Since I elected to defer the income until 1988, can I deduct part of it for an Individual Retirement Account in 1988? Dorrace M. Robinson Bryn Mawr, Pa.

A. No. The bonus is considered deferred compensation because you actually earned the money in 1987 and chose not to receive it until this year. The Internal Revenue Service will let you take a deduction for an IRA contribution only in the year in which the compensation was earned. ( TAXES Q. I invested in a municipal bond fund and redeemed my shares after one year. Although the loss on my principal was offset by tax-free interest, can I still deduct this loss from my taxes? Oleh Kuritza Chicago

A. Yes. You can deduct the loss provided that you have been receiving the interest in cash. If you have been reinvesting the distributions in more shares of the fund, the reinvestments will increase your cost basis and reduce your loss.

MORTGAGES Q. We recently refinanced our home. At the closing, the title company that handled the transaction presented us with a typed-in clause stating that the lender could bypass foreclosure and repossess the home if we are more than one monthly payment in arrears. We were told that this was a new condition we had to initial or the whole deal was off. We did. Was it a new condition? Omar Zuhdi Shawnee, Okla.

A. Yes. In 1986, Oklahoma enacted a law that lets lenders bypass court and liquidate property if a borrower is delinquent on payments on mortgages made since Nov. 1, 1986. The Oklahoma law excludes homeowners, however. They have the right to elect judicial foreclosure, which requires the lender to file a lawsuit proving that you are in default and ask the court to order a sale of your property.

INVESTMENTS Q. I've noticed that many preferred-stock yields range between 10% and 20%, with some as high as 40%. Should I consider investing in these instruments? Christopher Kovach New York City

A. Those extremely high yields probably reflect very risky stocks or special one-time distributions by the company that may not be repeated. Preferred stock is generally of interest only to corporations, which can deduct 70% of their dividend income from federal taxes. Individuals can usually get higher after-tax returns from corporate bonds. You might, however, be interested in convertible preferreds, which can be exchanged for common stock at the investor's option when the common's yield surpasses that of the preferred or when the company redeems the convertible preferred.

KEOGHS Q. I would like to invest in a Keogh or an IRA, but I am told that I cannot, since all my income is derived from rent on apartments I own. Is this true? Angelos Milas New York City

A. Yes. The IRS considers rent passive income, and an IRA or a Keogh is available only if you have earned income.

ESTATES Q. My 81-year-old father, who lives in Pennsylvania, would like to give me my $20,000 inheritance now. To do so, he suggests that I invest the money in a certificate of deposit and send him the interest, so he can have the income and I can avoid inheritance taxes. Are there advantages to doing this? Larry Fuller East Moriches, N.Y.

A. No. Under both federal and Pennsylvania law, your father would retain an interest in the money because he would continue to receive income from it. As a result, the IRS and the state taxing authority would have to include the $20,000 in his estate when he dies. Also, he would owe income taxes on the interest. Your father could avoid these problems by giving you the $20,000 outright. By law, he is allowed to give you up to $10,000 a year tax-free; any amount over that is counted against his $600,000 lifetime exclusion from federal estate and gift taxes. There's one catch, however. To prevent people from transferring their assets to others in expectation of death, Pennsylvania imposes a one-year waiting period before gifts are not counted as part of an estate. If your father were to die less than a year after the transfer, the state would impose a 6% inheritance tax on the money, after deducting a $3,000 exclusion.