Puff, the Magic Dragon - Parodies. 1  In the mid 1970s an American Jewish band named Ruach created a parody version of the song entitled Puff the Kosher Dragon.
Pay tuition directly to the college. If you are considering making an outright cash gift, another option is to bypass your grandchild and pay the college directly. Under federal law, tuition payments made directly to a college aren't considered taxable gifts, no matter how large the payment.
1 The tax rules differ if you are the one giving the gift. 2  In most cases you do not have to pay taxes on gifts you give, nor can you claim true gifts as tax deductions if they are made to individuals. 3  Gifts given to charitable donations can be deducted from income taxes.