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.
The Internal Revenue Service provides several tax credits and deductions for families with dependent children who are attending college. These tax benefits primarily cover educated-related expenses, such as tuition, books, and supplies. However, room and board are not covered. This means that parents cannot use their childâs college apartment or dorm payments as a tax deduction.