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.
This would include community colleges, universities, trade or vocational schools and other accredited education programs following high school. 1  There are various tax breaks for education expenses, such as the tuition and fees deduction, the Lifetime Learning Credit and the American Opportunity Tax Credit.