(MONEY Magazine) – TAXES Q. I plan to buy a horse within the next year. If I ride my horse twice a week and lease it to a riding academy the rest of the time, can I write off some of the cost of stabling the horse at the academy? Kathleen McNamara Hazlet, N.J.

A. Nay-y-y, according to the Internal Revenue Service. Unless your horse is used in a bona fide business -- meaning it turns a profit in at least two of every seven years -- your ownership is considered a hobby and you can't deduct it. For more information, you can write to the American Horse Council at 1700 K St. N.W., Suite 300, Washington, D.C. 20006 or call the organization at 202-296-4031.

IRAS Q. After 30 years of marriage, my wife and I are getting a divorce. She claims she's entitled to 50% of the IRA that is in my name. Is this true? Patrick John Talbot Indianapolis

A. In effect, yes. If you and your wife cannot agree on how to distribute your property and the case winds up in court, the judge will consider any IRAs -- either yours or your wife's -- to be part of the combined assets. He probably won't make either of you split up an IRA since that would require you to pay taxes plus an early-withdrawal penalty if you are under 59 1/2 years of age. But if either partner has more money in an IRA than the other, then the judge may award the deficient partner an equivalent amount from another asset such as a savings account or money-market fund.

MORTGAGES Q. How soon can you take out a home-equity loan after you've bought a home with a mortgage? Craig Clemence Gardena, Calif.

A. It depends on the lender's policy, but you must generally wait one to two years before taking another loan secured by the same property. In addition, you must have made enough payments on your mortgage so that even if you exercise the full additional line of credit, you will still hold 20% of the equity in your home.

PENSIONS Q. I have been covered by a defined-benefit pension plan through my employer. What role would the federal Pension Benefit Guaranty Corporation play if my employer were to go out of business? Irwin Stupack Rockville Centre, N.Y.

A. If your firm's pension plan lacked sufficient assets to pay benefits to vested employees, the PBGC would take over as trustee of the plan. It would first try to obtain further assets from your company. Failing that, it would pour enough money into the plan so that vested employees would get their pensions -- up to a maximum of $24,341 a year in a straight life annuity for retirees age 65 or older. If you would like more information, send $1 for the booklet Your Pension: Things You Should Know About Your Pension Plan from the Superintendent of Documents, Government Printing Office, Washington, D.C. 20402. Specify the publication's number: GPO 068-000-0002-5.

INSURANCE Q. As a self-employed businesswoman, I was interested in a flier from the National Association for the Self-Employed offering a group catastrophic hospital expense insurance plan. My annual premium for family coverage would be only $2,300, and the group says it will return 100% of the premiums we pay when I turn 65 -- minus the amount of any claims we make. Is this insurance legitimate? Jan M. Farrell Poulsbo, Wash.

A. Yes, but it may not be the right plan for you. The policy is underwritten by the NN Investors Life Insurance Co. of Cedar Rapids, Iowa, a reputable firm with an A- rating from Best's, which means that its financial position and operating performance are solid. The company says that more than 30,000 members of the National Association for the Self-Employed have signed up for the policy since it was first offered three years ago. The plan primarily covers hospitalization, however, and does not reimburse you for most other medical costs. Also, to get your entire premium refund, you must keep the policy in force until you reach age 65 -- meaning that if the insurance company raises its rates sometime in the future, you must pay the higher tab or forfeit some or all of your refund. The refund proceeds, of course, come without interest, and the $2,300 annual cost is not necessarily cheap. For $56 less each year, Blue Cross of Washington and Alaska in your area offers comprehensive coverage that would protect your family in and out of a hospital bed.

ZERO-COUPON BONDS Q. I recently bought some zero-coupon Treasury bonds, but the transaction cost wasn't listed on the confirmation slip. Aren't such fees tax deductible? Gayle Mellin Exeter, N.H.

A. No. The only fees that count are investment advisory fees, and these can be deducted only to the extent that they -- plus other so-called miscellaneous deductions -- exceed 2% of your adjusted gross income. Fees for specific purchases like the one you made cannot be deducted. Moreover, if you bought your bonds from a dealer, there may have been no fee per se. A dealer's profit is built into the spread between what he pays to buy the bonds and what he charges for them.

COLLECTIBLES Q. I have a mahogany Steinway parlor grand piano with a matching hinged bench, both of which were built in 1896. How much are they worth, and where would I find a buyer? Elizabeth J. Cravalho Hayward, Calif.

A. Your piano and bench might fetch $4,000 to $7,000, depending on their condition. But check to make sure the instrument is really as old as you think. Each Steinway has a serial number on the metal frame inside the lid. If you check that number with Peter Goodrich, director of customer services (Steinway & Sons, 1 Steinway Place, Long Island City, N.Y. 11105), he can tell you the date the piano was made. To sell the piano, you can advertise through a local newspaper, find a dealer who will buy it or put it up for auction. A dealer, like Sherman Clay (141 Kearny St., San Francisco, Calif. 94108; 415-781-6000), will pay you only 50% to 60% of the eventual resale value but will absorb the cost of moving the instrument to the shop and restoring it. At an auction house, such as Christie's (502 Park Ave., New York, N.Y. 10022; 212-546-1000), you pay only a 10% or 15% commission, but you are responsible for transporting it to the auctioneer and insuring it while it's there.

Send questions along with your address and phone number to Money Helps, Time & Life Building, Rockefeller Center, New York, N.Y. 10020.