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.
Gift Tax Basics. The gift tax applies to individuals that give large sums of money away over the course of their lives. When someone gives away more than $13,000 in cash or property to a single recipient over the course of a year, the amount that exceeds $13,000 is subtracted from the giver's lifetime unified credit..arents are legally required to provide for financial support for dependent children, but large gifts can have negative tax consequences -- for your parents. In general, you don't have to pay taxes on money you receive from a parent unless you are your parent's employee.