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.
(You can either give $14,000 each, or one spouse can make a $28,000 gift with the consent of the other spouse on a timely-filed gift tax return.) You can also give an unlimited amount for tuition and medical expenses if you make the gifts directly to the educational organization or health care provider.fter you have used up your exemption, you'll have to pay a gift tax on any gifts over $14,000 (or whatever the annual tax-free amount is at that time). Currently, the federal gift tax rate is equal to the federal estate tax rate, which is 40%.