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.
Here are the main tax rules for gifts, including income tax and gift tax. The main rules for gifts between individuals are fairly simple. These gifts donât produce deductions for the donor or income for the recipient. And most of the time thereâs no gift tax, either. But if you give more than the annual exclusion amount ($14,000 as of 2016) to one person other than your spouse in a single year, youâll have some planning concerns â and a reporting obligation.