This movie was in color and came out in the 70's (i think). A former
female TV child star was in the lead role. She and her husband had
bought a house and found a bricked up fireplace in the basement.
Trolls came out of the fireplace and terrorized the woman. One scene
had a troll chasing her with a pair of scissors or a knife and
slashing her ankles. The trolls were about 8 inches tall.

Hi sandyshooz,

I believe the movie you remember is called "Don't Be Afraid of the Dark".

From the Internet Movie Database:

Plot Summary for Don't Be Afraid of the Dark (1973) (TV)

"A neurotic housewife named Sally and her business exec husband move
into Sally's family house, a spooky two story Victorian mansion. When
Sally starts the redecorating along with her pompous decorator she
comes across a locked room in the house. After arguing with the
handyman who insists she should leave the room locked, she finally
gets the key. But once she opens her father's old study and has the
bricks from the fireplace removed, strange things begin to happen.
Sally begins to see small creatures everywhere, but no one will
believe her. Her husband dismisses her as neurotic and her friend
thinks Sally may be loosing her mind. But things take a deadly serious
turn when the decorator trips at the top of the stairs and falls to
his death. Sally sees a rope lying across the place where he tripped,
but when she picks it up to take it, a horrifying little creature
pulls it from her grasp. Is she crazy? Or has Sally released demons in
the house, demons her father summoned?"

http://www.imdb.com/title/tt0069992/plotsummary


Someone else was asking about this movie:

"In the early 70's there was a mild horror TV movie about some troll
like creatures that were terrorizing a house wife. The closing scene
will be remembered by anyone who saw the movie. These trolls drugged
the housewife and were dragging her towards the fire place. However
these trolls were sensitive to light and ingeniously she would chase
them off by using the flash of a camera. Unfortunately her flash ran
down and they continued to drag her towards the fireplace AND pulled
her in and she disappeared down to some hellhole. THAT'S IT! THE END!
What was the movie?"

Answer:
"Mr. Pop History - According to Sci-Fi/Horror TV-film expert Robert
Neill, it's a 1973 TV movie titled "Don't Be Afraid of the Dark." The
film stars Kim Darby, Jim Hutton, William Demarest and Barbara
Anderson."

Mr. Pop History
http://www.pophistorynow.com/popculturefiles/askmrpophistory_q194.htm


"Don't Be Afraid of the Dark" is available for purchase at Amazon:
http://www.amazon.com/exec/obidos/tg/detail/-/B00000F39T/102-8505151-1584145


I hope the information provided is helpful. If you have any questions
regarding my answer, or believe this is not the movie you remember,
please don?t hesitate to ask for further assistance before rating.

Best regards,
Rainbow

That's IT!