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.
Usually the person that gives the gift (donor) is responsible for gift taxes. For example, if someone decides to give you $50,000 you will not have to pay taxes as a result of the gift. The person giving you the money will have to pay the taxes. However, there are guidelines to consider with any gift tax exclusion. Here is an overview of those guidelines.