My brother and I sold the home our parents left to us. The home FMV at time of death was 250,000. We sold it for 186,000.I filled out schedule D front with the following info:
Line D-Sales Price-93,000
Line E Basis-125,000
Do I get to take a loss on my 1040, line 13, for $1500?

How did you determine the fair market value and if the fair market value was 250 K, why did you not sell it at FMV

I had the home appraised for the value as of the date of my Dad's death (11/2008). We sold the house in Dec of 2010. The home had been in a revokeable trust. After my dad's death, it was deeded to us, as the owners of the house. We never rented or lived in the home. Hope this is all clear.

You do not report the loss from the sale of home property on schedule D (Form 1040). Loss from personal property is not deductible.