I inherited property in a different state a few months ago in 2007 and I need to know if there is any California tax because of this. The state I inherited the property has no inheritance tax so if there is tax in California, do I have to wait until the "possession of ownership" documents have been submitted to the courts? That will not be until March of 2008 so when do I file on the property if I rec'd it in 2007?

Thanks for you guidance.

Not unless the property is of substantial value (in excess of $2M).