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.
However, it is very important to understand what expenses qualify. If your college tuition bill including course fees is $5,000 per semester ($10,000 for the year) and you receive scholarships totaling $8,500, then the out-of-pocket expense, the $1,500 is the amount eligible for the tax credit.