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.
That limit is $13,000 under the 2012 regulations. You can also pay tuition to a college or university and claim an educational exclusion. Pay medical expenses directly to a hospital or clinic and claim a medical exclusion. Just like gifts to your spouse or a charity, youâll pay no gift tax on any of these gifts.If youâre married, you and your spouse can split the value of the gift but youâll have to report anything over the annual exclusion. You can each give the exclusion limit to the same person -- for a total of $26,000 in 2012.If the person has a spouse, you can give the spouse an equal amount without filing a gift tax return. A gift of a future interest doesnât qualify for an annual exclusion.hat limit is $13,000 under the 2012 regulations. You can also pay tuition to a college or university and claim an educational exclusion. Pay medical expenses directly to a hospital or clinic and claim a medical exclusion. Just like gifts to your spouse or a charity, youâll pay no gift tax on any of these gifts.