U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                 FORM 10-KSB

(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT
    OF 1934 [NO FEE REQUIRED]

                 For the fiscal year ended December 31, 1996

[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
   1934 [NO FEE REQUIRED]

For the transition period from        to

                        Commission file number 0-14283

                      ANGELES INCOME PROPERTIES, LTD. IV

       California                                      95-3974194
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                      Identification No.)

One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina                                 29602
(Address of principal executive offices)                 (Zip Code)

                 Issuer's telephone number   (864)  239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                     None

        Securities registered under Section 12(g) of the Exchange Act:

                          Limited Partnership Units

                               (Title of class)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.  Yes [X]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of Registrant's knowledge in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB.[X]

State issuer's revenues for its most recent fiscal year.  $4,349,000

State the aggregate market value of the voting stock held by nonaffiliates of
the Registrant.  The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within the past 60 days.  Market value
information for Registrant's Partnership Interests is not available.  Should a
trading market develop for these Interests, it is the General Partner's belief
that such trading would not exceed $25 million.

                      DOCUMENTS INCORPORATED BY REFERENCE
                                      NONE

                                    PART I


ITEM 1. DESCRIPTION OF BUSINESS

Angeles Income Properties, Ltd. IV  (the "Partnership" or "Registrant") is a
publicly-held limited partnership organized under the California Uniform Limited
Partnership Act pursuant to the Certificate and Agreement of Limited Partnership
(hereinafter referred to as the "Agreement") dated June 29, 1984. The
Partnership's General Partner is Angeles Realty Corporation II, a California
corporation (hereinafter referred to as the "General Partner" or "ARCII").

The Partnership, through its public offering of Limited Partnership Units, sold
131,800 units aggregating $65,900,000.  The General Partner contributed capital
in the amount of $1,000 for a 2% interest in the Partnership.  The Partnership
was formed for the purpose of acquiring fee and other forms of equity interests
in various types of real property.  The Partnership presently owns two
investment properties and owns a general partnership interest in one additional
property.  The General Partner of the Partnership intends to maximize the
operating results and, ultimately, the net realizable value of each of the
Partnership's properties in order to achieve the best possible return for the
investors.  Such results may best be achieved through property sales,
refinancings, debt restructurings or relinquishment of the assets.  The
Partnership intends to evaluate each of its holdings periodically to determine
the most appropriate strategy for each of the assets.

The Partnership has no full time employees.  The General Partner is vested with
full authority as to the general management and supervision of the business and
affairs of the Partnership.  Limited Partners have no right to participate in
the management or conduct of such business and affairs. Insignia Commercial
Group, L.P. provides property management services to each of the Partnership's
investment properties.  The property in which the Partnership has a general
partnership interest is managed by a third party. Moraine made a final
distribution and was dissolved in 1995.

The business in which the Partnership is engaged is highly competitive, and the
Partnership is not a significant factor in its industry.  Each investment
property is located in or near a major urban area and, accordingly, competes for
rentals not only with similar properties in its immediate area but with hundreds
of similar properties throughout the urban area.  Such competition is primarily
on the basis of location, rents, services and amenities.  In addition, the
Partnership competes with significant numbers of individuals and organizations
(including similar partnerships, real estate investment trusts and financial
institutions) with respect to the sale of improved real properties, primarily on
the basis of the prices and terms of such transactions.



ITEM 2. DESCRIPTION OF PROPERTIES

The following table sets forth the Registrant's investments in properties:

                              Date of
Property                     Purchase      Type of Ownership          Use

Eastgate Marketplace         08/29/86        Fee ownership      Commercial
 Walla Walla, Washington                                        141,366 sq.ft.

Factory Merchants Mall       05/22/86    Fee ownership subject  Commercial
 Pigeon Forge, Tennessee                  to a first mortgage   198,864 sq.ft.


The Partnership has a 66.7% investment in Northtown Mall Partners ("Northtown").
The Partnership entered into a General Partnership Agreement with Angeles Income
Properties, Ltd. III, a  California partnership and an affiliate of the  General
Partner, to form Northtown.  Northtown is accounted for on the Partnership's
balance sheet using the equity method of accounting and is included in "Equity
interest in net liabilities of joint venture".  The property owned by Northtown,
as of December 31, 1996, is summarized as follows:

                            Date of
Property                   Purchase      Type of Ownership   Use

Northtown Mall             06/28/85          66.7%         Commercial
                                                           806,730 sq.ft.


The Partnership had a 50% investment in Moraine West Carrollton Partners
("Moraine").  The Partnership entered into a General Partnership Agreement with
Angeles Income Properties, Ltd. III, a California partnership and an affiliate
of the General Partner, to form Moraine.  The investment property owned by
Moraine was sold on July 21, 1994, to an unaffiliated party.  Moraine made a
final distribution  and was dissolved in 1995.

Additionally, the Partnership had a 43% investment in the Fort Worth Option
Joint Venture ("Fort Worth").  The Partnership entered into a General
Partnership Agreement with Angeles Income Properties, Ltd. V, a California
partnership and an affiliate of the General Partner, to form Fort Worth.  The
remaining property owned by Fort Worth was sold on March 22, 1995, to an
unaffiliated party.

Finally, the Partnership also had a 43% investment in Burlington Outlet Mall
Joint Venture ("Burlington").  The Partnership entered into a General
Partnership Agreement with Angeles Income Properties, Ltd. III, a California
partnership and an affiliate of the General Partner, to form Burlington.  On
October 30, 1995, Burlington lost its only investment property, Burlington
Outlet Mall, through a foreclosure by an unaffiliated mortgage holder.

SCHEDULE OF PROPERTIES:
(dollar amounts in thousands)


                          Gross
                        Carrying    Accumulated                     Federal
Property                  Value    Depreciation    Rate   Method   Tax Basis

Eastgate Marketplace   $  2,774     $  1,988     5-20 yrs   (1)   $ 3,628
Factory Merchants Mall   20,092        9,521     5-20 yrs   (1)    11,398

                       $ 22,866     $ 11,509                      $15,026

(1) Straight line

See "Note A" of the financial statements included in "Item 7." for a description
of the Partnership's depreciation policy.


SCHEDULE OF MORTGAGES:
(dollar amounts in thousands)


                          Principal                                   Principal
                          Balance At                                   Balance
                         December 31,  Interest   Period    Maturity   Due At
Property                     1996        Rate    Amortized    Date    Maturity

Factory Merchants Mall
  First mortgage         $  15,376      9.75%    25 years    10/2006   $ 12,955

Average annual rental rate and occupancy for 1996 and 1995 for each property:

                                Average Annual                  Average
                                 Rental Rates                  Occupancy
Property                        1996          1995          1996       1995

Eastgate Marketplace        $ 2.95/s.f.   $ 3.29/s.f.     92% (1)       94%
Factory Merchants Mall       13.28/s.f.    13.94/s.f.     91% (2)       91%


  (1)  The General Partner is presently in negotiations to lease an additional
       25,000 square feet of space.  The General Partner is hopeful that such
       negotiations will lead to occupancy of this space in 1997.

  (2)  Nationwide the outlets mall industry is not performing well.

As noted in "Item 1. Description of Business," the real estate industry is
highly competitive.  All of the properties of the Partnership are subject to
competition from other commercial buildings in the area.  The General Partner
believes that all of the properties are adequately insured.


The following is a schedule of the lease expirations for the years 1997-2006:


                               Number of                             % of Gross
                              Expirations  Square Feet  Annual Rent  Annual Rent

Eastgate Marketplace
            1997                   1        46,000     $   62,100     15.44%
            1998                   2         3,264         25,881      6.43%
            1999                   -            --            --         --
            2000                   1         1,150         11,362      2.82%
          2001-2006                -            --             --        --

Factory Merchants Mall
            1997                   3         8,271     $   76,868      3.13%
            1998                   6        22,916        326,672     13.32%
            1999                  10        36,547        474,292     19.33%
            2000                   5        17,757        285,923     11.66%
            2001                  15        77,530      1,172,125     47.78%
            2002                   -            --             --        --
            2003                   -            --             --        --
            2004                   1         8,680        117,180      4.78%
            2006                   -            --             --        --

The following schedule reflects information on tenants occupying 10% or more of
the leasable square footage for Eastgate Marketplace:


      Nature of        Square Footage      Annual Rent
       Business              Leased      Per Square Foot    Lease Expiration

       Retail              38,524             $4.40             11/30/07
       Retail              22,400              3.16             02/13/14
       Retail              46,000              1.35             09/30/97

Factory Merchants Mall has no tenants occupying 10% or more of the leasable 
square footage.

Real estate taxes and rates in 1996 for each property were:
(dollar amounts in thousands)


                                         1996             1996
                                        Billing           Rate

Eastgate Marketplace                   $  71             1.45%
Factory Merchants Mall                   138             1.37%

ITEM 3. LEGAL PROCEEDINGS

In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust, formerly affiliated with Angeles Corporation ("Angeles"),
initiated litigation against Fort Worth, and other partnerships which loaned
money to AMIT seeking to avoid repayment of such obligations. The Partnership
subsequently filed a counterclaim against AMIT seeking to enforce the
obligation, the principal amount of which was $2,240,000 plus accrued interest
from March 1993 ("AMIT Obligation").

MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT.  MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares.  These Class B Shares entitle MAE GP to
receive 1% of the distributions of net cash distributed by AMIT. These Class B
Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 39% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.3% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares. Since that date, MAE GP voted
its shares at the 1995 and 1996 annual meetings in connection with the election
of trustees and other matters.  MAE GP has not exerted, and continues to decline
to exert, any management control over or participate in the management of AMIT.
MAE GP may choose to vote these shares as it deems appropriate in the future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc. ("Insignia"), which
provides property management and partnership administration services to the
Partnership, owns 126,500 Class A Shares of AMIT at December 31, 1996.  As of
February 1, 1997, the number of shares owned by LAC decreased to 96,800.  These
Class A Shares entitle LAC to vote approximately 2.2% of the total shares.  In
addition, Insignia has engaged and continues to engage in discussions with AMIT
regarding various potential business combinations with affiliates of Insignia.

On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT obligation.  The actual closing of
the Settlement occurred April 14, 1995.  The Partnership's claim against AMIT
was satisfied by a cash payment by AMIT totaling $1,933,000 (the "Settlement
Amount") plus interest at closing.  These funds were applied against the
Partnership's $5,000,000 note receivable from Fort Worth.  On August 9, 1995,
Fort Worth and Angeles entered into an agreement in principle regarding the
allowance of an amended claim for the deficiency between the original principal
and the Settlement Amount (the "deficiency"). The amended claim equaled 90% of
the deficiency, or $276,000.  In January 1996, the Partnership received $48,000
from AMIT as payment on the deficiency.

As part of the settlement, MAE GP granted to AMIT an option to acquire the Class
B Shares owned by it.  This option can be exercised at the end of 10 years or
when all loans made by AMIT to partnerships affiliated with MAE GP as of
November 9, 1994, (which is the date of execution of a definitive Settlement
Agreement),  have been paid in full, but in no event prior to November 9, 1997.
AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which occurred
April 14, 1995, as payment for the option.  Upon exercise of the option, AMIT
would remit to MAE GP an additional $94,000.

Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT.  On these matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.

Additionally, Angeles, either directly or through an affiliate, maintained a
central disbursement account (the "Account") for the properties and partnerships
managed by Angeles and its affiliates, including the Registrant. Angeles caused
the Partnership to make deposits to the Account ostensibly to fund the payment
of certain obligations of the Partnership.  Angeles further caused checks on
such account to be written to or on behalf of certain other partnerships.
However, of these total deposits, at least $81,000 deposited by or on behalf of
the Partnership was used for purposes other than satisfying the liabilities of
the Partnership.  Accordingly, the Partnership filed a Proof of Claim in the
Angeles bankruptcy proceedings for such amount. However, subsequently the
General Partner of the Partnership has determined that the cost involved to
pursue such claim would likely exceed any amount received, if in fact such claim
were to be resolved in favor of the Partnership. Therefore, the Partnership
withdrew this claim on August 9, 1995.

The Partnership, along with other affiliates, has been named in a suit brought
by a company which owned a 20% interest ("Plaintiff") in Fort Worth's investment
property, the W.T. Waggoner Building, which was sold in 1995.  The Plaintiff is
suing for breach of contract and negligence for mismanagement of the property.
The General Partner believes that there is no merit in this suit and intends to
vigorously defend it.

The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature.  The General Partner of the Partnership believes
that all such pending or outstanding litigation will be resolved without a
material adverse effect upon the business, financial condition or operations of
the Partnership.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Unit holders of the Partnership did not vote on any matter during the fourth
quarter of the fiscal year covered by this report.


                                   PART II


ITEM 5.  MARKET FOR THE PARTNERSHIP'S COMMON EQUITY AND RELATED SECURITY HOLDER
         MATTERS

The Partnership, a publicly-held limited partnership, sold 131,800 Limited
Partnership Units during its offering period through April 24, 1986, and
currently has 131,585 Limited Partnership Units and 5,944 Limited Partners of
record. There is no intention to sell additional Limited Partnership Units nor
is there an established market for these units.

During 1996, the number of Limited Partnership Units decreased by 175 units due
to limited partners abandoning their units.  In abandoning his or her Limited
Partnership Unit(s), a limited partner relinquishes all right, title and
interest in the Partnership as of the date of abandonment.


ITEM 6.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

RESULTS OF OPERATIONS

This item should be read in conjunction with the consolidated financial
statements and other items contained elsewhere in this report.

The Partnership recognized a net loss of $2,285,000 for the year ended December
31, 1996, versus net income of $1,447,000 for the year ended December 31, 1995.
The decrease in income for the year ended December 31, 1996, as compared to the
year ended December 31, 1995, is primarily due to a decrease in revenues and
tenant reimbursements, as well as an increased loss from the joint venture (see
discussion below).

The decrease in rental revenue for the year ended December 31, 1996, as compared
to the year ended December 31, 1995, is a result of a decrease in percentage
rent and a decrease in common area maintenance reimbursements at Factory
Merchant's Mall. Nationwide the outlets mall industry is not performing well.
Potential customers of the outlets mall industry are realizing that these malls
may not offer large discounts and, therefore, customers are shopping at more
convenient locations. Maintenance expense increased due to an exterior painting
project at Factory Merchant's Mall in 1996 in an effort to increase the
attractiveness of the property. During 1996, the Partnership recognized bad debt
recovery of $48,000 from AMIT (see "Note D") and $61,000 from Fort Worth as
payment on its note payable to the Partnership.  In addition, there were debt
recoveries from tenants of the Partnership's investment properties that had been
previously reserved.

The increased net loss can also be attributed to the $284,000 loss on early
extinguishment of debt related to the refinance of Factory Merchant's Mall (see
"Note B").  $234,000 of the loss is due to prepayment penalties relating to the
old mortgage and $50,000 of the loss is due to the write-off of unamortized loan
costs.

The Partnership's equity in the losses of the joint venture is $1,578,000 for
the year ended December 31, 1996, and the Partnership's equity in the income of
the joint ventures was $1,350,000 for the year ended December 31, 1995. The
change in the equity in the income of the joint venture(s) can be attributed to
$1,933,000 in bad debt recovery for Fort Worth in 1995, as a result of AMIT's
note payment to Fort Worth, and due to the $5,174,000 extraordinary gain on debt
forgiveness at Fort Worth in 1995.  Additionally, Burlington recognized a
$2,607,000 gain on the foreclosure of it's investment property in 1995.

Included in maintenance expenses for the year ended December 31, 1996, is
$130,000 of major repairs and maintenance mainly comprised of exterior building
repairs and painting.

As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expense.  As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level.  However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.

CAPITAL RESOURCES AND LIQUIDITY

The Partnership's primary source of cash is from the operations of its
properties and from financing placed on such properties.  Cash from these
sources is utilized for property operations, capital improvements, and/or
repayment of debt.

At December 31, 1996, the Partnership had unrestricted cash of $3,308,000 versus
$3,425,000 at December 31, 1995.  Net cash provided by operating activities
decreased in 1996 due to the decrease in income.  Net cash flow from investing
activities decreased as a result of a non-recurring distribution received from
Moraine in 1995, collection on the note receivable from Fort Worth in 1995, and
deposits to restricted escrows in association with the refinancing of the debt
secured by Factory Merchant's Mall in October 1996. Net cash flow from financing
activities resulted from the refinancing of the debt secured by Factory
Merchant's Mall.

Northtown is in default on its non-recourse mortgage note payable due to
allowing a mechanics lien to remain on its mortgaged property, which is in
violation of its mortgage agreement.  The Partnership incurred significant costs
for tenant improvements and other expenditures for a new tenant during 1996.  In
November 1996, the lender and the Partnership disagreed on the funding for these
costs, resulting in the Partnership refusing to authorize any further
disbursements from its "Improvements and Leasing Commissions Reserve Escrow" to
pay the remaining balance of approximately $1 million due to the contractors and
other vendors.  In January 1997, the contractors filed a mechanics lien against
the property.  The Partnership and the lenders are presently in negotiations to
settle their disagreement over the funding of the tenant improvements.  Upon
settlement, the Partnership will authorize the remaining payments to the
contractors and vendors and ensure that the mechanics lien will be removed.
There can be no assurance that these negotiations will be successful.

On March 15, 1991, Northtown and the holder of the Northtown Mall mortgage note
payable entered into an Option Agreement ("Option") whereby the lender has the
right and an option to purchase the Northtown Mall property on the terms and
conditions as set forth in the Option.  The purchase price of the property, as
set forth in the Option, is defined as the fair market value of the property.
Such Option can be exercised by written notice by the lender at specified dates.
The option expires in 2006.  In accordance with the Option, the lender gave
notice to Northtown in November 1996, that it intended to exercise this Option.
The lender and Northtown have begun the determination of the property's fair
value as defined in the Option and in the loan agreement.  If the determined
fair value exceeds the annual appraisal by more than 5%, the lender may withdraw
its exercise of the Option and the Option continues in full force.  The fair
value of the property, as defined in the Option and loan agreement, has not been
determined; therefore, Northtown cannot presently determine if the property will
be sold.

On October 1, 1996, the Partnership, through its 99.99% owned subsidiary
(Factory Merchants AIP IV, L.P. ("FM")), refinanced the mortgage debt secured by
Factory Merchants Mall.  FM paid off debt of $14,242,000 and incurred penalty
costs of $234,000 at closing.  The new loan, in the principal amount of
$15,400,000, matures in October 2006 and carries a 9.75% interest rate.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership.  Such assets are currently
thought to be sufficient for any near term needs of the Partnership. The
mortgage indebtedness of $15,376,000, which is secured by the Factory Merchant's
Mall investment property, matures in October 2006, at which time the property
will be refinanced or the property will be sold.  Future cash distributions will
depend on the levels of net cash generated from operations, refinancings,
property sales and the availability of cash reserves.  There were no cash
distributions in 1996 and 1995.


ITEM 7.     FINANCIAL STATEMENTS


ANGELES INCOME PROPERTIES, LTD. IV

LIST OF FINANCIAL STATEMENTS


  Report of Independent Auditors

  Consolidated Balance Sheet -  December 31, 1996

  Consolidated Statements of Operations - Years ended December 31, 1996 and 
   1995

  Consolidated Statement of Changes in Partners' Deficit - Years ended
  December 31, 1996 and 1995

  Consolidated Statements of Cash Flows - Years ended December 31, 1996 and 
   1995

  Notes to Consolidated Financial Statements


              Report of Ernst & Young LLP, Independent Auditors



The Partners
Angeles Income Properties, Ltd. IV


We have audited the accompanying consolidated balance sheet of Angeles Income
Properties, Ltd. IV as of December 31, 1996, and the related consolidated
statements of operations, changes in partners' deficit and cash flows for each
of the two years in the period ended December 31, 1996.  These financial
statements are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by the
Partnership's management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Angeles Income
Properties, Ltd. IV as of December 31, 1996 and the consolidated results of its
operations and its cash flows for each of the two years in the period ended
December 31, 1996, in conformity with generally accepted accounting principles.




                                     /S/ ERNST & YOUNG LLP


Greenville, South Carolina
February 14, 1997

                       ANGELES INCOME PROPERTIES, LTD. IV

                           CONSOLIDATED BALANCE SHEET

                               December 31, 1996
                        (in thousands, except unit data)


Assets
  Cash:
    Unrestricted                                                $   3,308
    Restricted--tenant security deposits                                6
  Accounts receivable, net of allowance
    of $128                                                           246
  Escrows for taxes and insurance                                     295
  Restricted escrows                                                  309
  Other assets                                                        607
  Investment properties  (Notes B and E):
    Land                                      $    2,708
    Buildings and related personal
      property                                    20,158
                                                  22,866
    Less accumulated depreciation                (11,509)          11,357

                                                                $  16,128

Liabilities and Partners' Deficit
Liabilities
  Accounts payable                                              $      81
  Tenant security deposits                                              9
  Accrued taxes                                                       138
  Other liabilities                                                   177
  Mortgage note payable (Notes B and E)                            15,376
  Equity interest in net liabilities of
    joint venture, net of advances of
    $1,632 (Note F)                                                13,642

Partners' Deficit
  General partner                            $   (1,405)
  Limited partners  (131,585
    units issued and outstanding)               (11,890)          (13,295)

                                                                $  16,128

          See Accompanying Notes to Consolidated Financial Statements


                       ANGELES INCOME PROPERTIES, LTD. IV

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                        (in thousands, except unit data)


                                                 Years Ended December 31,
                                                      1996           1995
Revenues:
  Rental income                                   $    4,196     $    4,870
  Other income                                           153            191
    Total revenues                                     4,349          5,061

Expenses:
  Operating                                            1,344          1,250
  General and administrative                             387            419
  Maintenance                                            471            306
  Depreciation                                         1,051          1,112
  Interest                                             1,485          1,483
  Property taxes                                         211            222
  Bad debt (recovery) expense, net                      (177)           172
    Total expenses                                     4,772          4,964

  (Loss) income before equity in (loss)
    income of joint venture(s) and
    extraordinary item                                  (423)            97

Equity in (loss) income of joint
  venture(s) (Note F)                                 (1,578)         1,350

  (Loss) income before extraordinary item             (2,001)         1,447

Extraordinary item - loss on early
  extinguishment of debt (Note B)                       (284)            --

    Net (loss) income                             $   (2,285)    $    1,447

(Loss) income allocated to general
  partner (2%)                                    $      (46)    $       29

(Loss) income allocated to limited
  partners (98%)                                      (2,239)         1,418

    Net (loss) income                             $   (2,285)    $    1,447

Per limited partnership unit:
  (Loss) income before extraordinary item         $   (14.88)    $    10.76
   Extraordinary item                                  (2.11)            --
    Net (loss) income                             $   (16.99)    $    10.76

         See Accompanying Notes to Consolidated Financial Statements


                       ANGELES INCOME PROPERTIES, LTD. IV

             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                        (in thousands, except unit data)


                                  Limited
                                Partnership   General     Limited
                                   Units      Partner     Partners     Total

Original capital contributions   131,800     $       1   $  65,900   $  65,901

Partners' deficit at
 December 31, 1994               131,760     $  (1,388)  $ (11,069)  $ (12,457)

Net income for the year
 ended December 31, 1995              --            29       1,418       1,447

Partners' deficit at
 December 31, 1995               131,760        (1,359)    (9,651)     (11,010)

Abandonment of limited
 partnership units (Note I)         (175)           --          --          --

Net loss for the year ended
 December 31, 1996                    --           (46)     (2,239)     (2,285)

Partner's deficit at
 December 31, 1996               131,585     $  (1,405)  $ (11,890)  $ (13,295)


         See Accompanying Notes to Consolidated Financial Statements


                       ANGELES INCOME PROPERTIES, LTD. IV

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)


                                                   Years Ended December 31,
                                                       1996           1995

Cash flows from operating activities:
  Net (loss) income                                $  (2,285)     $   1,447
  Adjustments to reconcile net (loss)
    income to net cash provided by
    operating activities:
    Equity in loss (income) of joint ventures          1,578         (1,350)
    Depreciation                                       1,051          1,112
    Bad debt (recovery) expense, net                    (177)           172
    Amortization of loan costs and leasing
      commissions                                        195            145
    Extraordinary item - loss on early
      extinguishment of debt                             284             --
  Change in accounts:
    Restricted cash                                        1              1
    Accounts receivable                                   35           (281)
    Escrows for taxes                                    (72)           (52)
    Other assets                                         (42)           (99)
    Accounts payable                                      18             24
    Tenant security deposit liabilities                    1             (1)
    Accrued taxes                                         (9)            15
    Other liabilities                                     37            (35)

         Net cash provided by operating
            activities                                   615          1,098

Cash flows from investing activities:
  Property improvements and replacements                (127)          (271)
  Deposits to restricted escrows                        (309)            --
  Distributions from joint venture                        --            966
  Advances to joint ventures                            (741)          (750)
  Proceeds from notes receivable                         109          2,112

         Net cash (used in) provided by
            investing activities                      (1,068)         2,057

Cash flows from financing activities:
  Payments on mortgage notes payable                    (251)          (278)
  Repayment of mortgage note payable                 (14,242)            --
  Proceeds from refinancing of debt                   15,400             --
  Loan costs                                            (337)            --
  Debt extinguishment costs                             (234)            --

         Net cash provided by (used in)
            financing activities                         336           (278)

Net (decrease) increase in cash and cash
  equivalents                                           (117)         2,877
Unrestricted cash and cash equivalents at
  beginning of year                                    3,425            548
Unrestricted cash and cash equivalents at end
  of year                                          $   3,308      $   3,425
Supplemental disclosure of cash flow
  information:
  Cash paid for interest                           $   1,439      $   1,443


          See Accompanying Notes to Consolidated Financial Statements

                        ANGELES INCOME PROPERTIES, LTD. IV

                   Notes to Consolidated Financial Statements

                                 December 31, 1996


NOTE A - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization:  Angeles Income Properties, Ltd. IV (the "Partnership" or
"Registrant") is a California limited partnership organized on June 29, 1984, to
acquire and operate residential and commercial real estate properties.  The
Partnership's General Partner is Angeles Realty Corporation II ("ARC II"), an
affiliate of Insignia Financial Group, Inc.  As of December 31, 1996, the
Partnership owns and operates two commercial properties, located in Walla Walla,
Washington and Pigeon Forge, Tennessee, and owns a general partner interest in a
third commercial property located near Minneapolis, Minnesota.

Principles of Consolidation:  The financial statements include all of the
accounts of the Partnership and its majority owned partnerships. All significant
interpartnership balances have been eliminated.  Minority interest is immaterial
and not shown separately on the financial statements.

Investment in Joint Ventures:  The Partnership accounts for its investments in
joint ventures using the equity method of accounting (see "Note F").  Under the
equity method of accounting, the Partnership records its equity interest in
earnings or losses of the joint ventures; however, the investment in the joint
ventures will be recorded at an amount less than zero (a liability) to the
extent of the Partnership's share of net liabilities of the joint ventures.

Allocations and Distributions to Partners:  In accordance with the Agreement,
any gain from the sale or other disposition of Partnership assets will be
allocated first to the General Partner to the extent of the amount of any
Brokerage Compensation and Incentive Interest to which the General Partner is
entitled.  Any gain remaining after said allocation will be allocated to the
General Partner and Limited Partners in proportion to their interests in the
Partnership.

The Partnership will allocate other profits and losses 2% to the General Partner
and 98% to the Limited Partners.

Except as discussed below, the Partnership will allocate distributions 2% to the
General Partner and 98% to the Limited Partners.

Upon the sale or other disposition, or refinancing, of any asset of the
Partnership, the Distributable Net Proceeds shall be distributed as follows:
(i) First, to the General Partner, on account of the current and accrued
Management Fee Payable, deferred as contemplated therein; (ii) Second, to the
Partners in proportion to their interests until the Limited Partners have
received proceeds equal to their Original Capital Investment applicable to the
property; (iii) Third, to the Partners until the Limited Partners have received
distributions from all sources equal to their 8% Cumulative Distribution; (iv)
Fourth, to the General Partner until it has received its Brokerage Compensation
and  (v) Thereafter, 88% to the Limited Partners in proportion to their
interests and 12% ("Incentive Interest") to the General Partner.

Depreciation:  Depreciation is computed utilizing the straight-line method over
the estimated lives of the investment properties and related personal property.
For Federal income tax purposes, depreciation is computed by using the straight-
line method over an estimated life of 5 to 20 years for personal property and 15
to 40 years for real property.

Cash and Cash Equivalents - Unrestricted Cash:  The Partnership considers all
highly liquid investments with a maturity when purchased of three months or less
to be cash equivalents.  At certain times, the amount of cash deposited at a
bank may exceed the limit on insured deposits.

Restricted Cash - Tenant Security Deposits:  The Partnership requires security
deposits from some lessees for the duration of the lease and considers the
deposits to be restricted cash.  Deposits are refunded when the tenant vacates
the commercial space if there has been no damage to the area.

Investment Properties:  Prior to the fourth quarter of 1995, investment
properties were carried at the lower of cost or estimated fair value, which was
determined using the higher of the property's non-recourse debt amount, when
applicable, or the net operating income of the investment property capitalized
at a rate deemed reasonable for the type of property.  During the fourth quarter
of 1995, the Partnership adopted "FASB Statement No. 121, Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of",
which requires impairment losses to be recorded on long-lived assets used in
operations when indicators of impairment are present and the undiscounted cash
flows estimated to be generated by those assets are less than the assets'
carrying amount.  The impairment loss is measured by comparing the fair value of
the asset to its carrying amount.  The effect of adoption was not material.

Loan Costs:  Loan costs of $337,000, which are included in "Other assets" in the
accompanying balance sheet, are being amortized on a straight-line basis over
the life of the loan.  Current accumulated amortization is $8,000.

Leases: Commercial building lease terms are generally for one to twenty years.
Several tenants have percentage rent clauses which provide for additional rent
upon the tenant achieving certain rental objectives.  Percentage rent totaled
$235,000 in 1996 and $485,000 in 1995.

Lease Commissions:  Lease commissions, which are included in "Other assets" in
the accompanying balance sheet, of $624,000 are being amortized on a straight-
line basis over the terms of the respective leases. Current accumulated
amortization is $408,000.

Use of Estimates:  The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes.  Actual results could differ from those estimates.

Reclassifications:  Certain reclassifications have been made to the 1995
balances to conform to the 1996 presentation.

Fair Value:  In 1995, the Partnership implemented "Statement of Financial
Accounting Standards No. 107, Disclosure about Fair Value of Financial
Instruments," which requires disclosure of fair value information about
financial instruments for which it is practicable to estimate that value.  The
carrying amount of the Partnership's cash and cash equivalents approximates fair
value due to short-term maturities.  The Partnership estimates the fair value of
its fixed rate mortgage by discounted cash flow analysis, based on estimated
borrowing rates currently available to the Partnership (see "Note B").

NOTE B -  MORTGAGE NOTE PAYABLE

The principal terms of the mortgage note payable are as follows (in thousands):


                        Monthly                          Principal    Principal
                        Payment     Stated                Balance    Balance At
                       Including   Interest  Maturity     Due At    December 31,
Property                Interest     Rate      Date      Maturity       1996

Factory Merchants Mall
  First mortgage        $  137       9.75%    10/2006   $ 12,955     $  15,376


On October 1, 1996, the Partnership, through its 99.99% owned subsidiary
(Factory Merchants AIP IV, L.P. ("FM")), refinanced the previous mortgage debt
secured by Factory Merchants Mall.  FM paid off debt of $14,242,000, penalty
costs of $234,000, and paid closing costs and funded escrows with the remainder
of the proceeds.

The mortgage note payable is non-recourse and is secured by pledge of the
Partnership's investment property and by pledge of revenues from the investment
property.  Prepayment penalties are imposed if the mortgage note is repaid prior
to maturity.  The estimated fair value of the Partnership's debt approximates
its carrying amount. Scheduled principal payments for the mortgage note payable
subsequent to December 31, 1996, are as follows (dollar amounts in thousands):

     1997         $    154
     1998              170
     1999              188
     2000              207
     2001              228
  Thereafter        14,429
                  $ 15,376


NOTE C - INCOME TAXES

Taxable income or loss of the Partnership is reported in the income tax returns
of its partners.  Accordingly, no provision for income taxes is made in the
financial statements of the Partnership.

Differences between the net (loss) income as reported and Federal taxable loss
result primarily from differences in methods of accounting for joint ventures
and depreciation over different methods and lives and on differing cost basis of
investment properties.  The following is a reconciliation of reported net (loss)
income and Federal taxable loss:

                                               1996           1995
                                                  (in thousands)

Net (loss) income as reported              $ (2,285)      $  1,447
Add (deduct):
     Depreciation differences                    45            119
     Unearned income                              3            (39)
     Investment in joint venture                406         (7,802)
     Bad debts                                   --         (2,596)
     Other                                       38           (149)

Federal taxable loss                       $ (1,793)      $ (9,020)

Federal taxable loss per
     limited partnership unit              $ (13.34)      $ (67.09)


The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities:


Net deficiency as reported                    $ (13,295)
Land and buildings                                2,697
Accumulated depreciation                            972
Syndication and distribution costs                8,848
Investments in Joint Ventures                     3,842
Other                                             1,386

Net assets - Federal tax basis                $   4,450



NOTE D - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership Agreement provides for payments to affiliates for services and
as reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.

The following payments were made to the General Partner and affiliates in 1996
and 1995 (in thousands):

             
                                            1996             1995

Property management fees                   $ 129            $  171

Reimbursement for services of affiliates
                                             242               334


The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner.  An affiliate of the General
Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which were later acquired by the agent who
placed the current year's master policy.  The current agent assumed the
financial obligations to the affiliate of the General Partner who receives
payment on these obligations from the agent.  The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.

In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust, formerly affiliated with Angeles Corporation ("Angeles"),
initiated litigation against the Angeles Fort Worth Option Joint Venture ("Fort
Worth"), of which the Partnership is a General Partner, and other partnerships
which loaned money to AMIT seeking to avoid repayment of such obligations. The
Partnership subsequently filed a counterclaim against AMIT seeking to enforce
the obligation, the principal amount of which was $2,240,000 plus accrued
interest from March 1993 ("AMIT Obligation").

MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT.  MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares.  These Class B Shares entitle MAE GP to
receive 1% of the distributions of net cash distributed by AMIT.  These Class B
Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 39% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.3% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted
its shares at the 1995 and 1996 annual meetings in connection with the election
of trustees and other matters.  MAE GP has not exerted, and continues to decline
to exert, any management control over or participate in the management of AMIT.
MAE GP may choose to vote these shares as it deems appropriate in the future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., ("Insignia") which
provides property management and partnership administration services to the
Partnership, owns 126,500 Class A Shares of AMIT at December 31, 1996.  As of
February 1, 1997, the number of shares owned by LAC decreased to 96,800.  These
Class A Shares entitle LAC to vote approximately 2.2% of the total shares.  In
addition, Insignia has engaged and continues to engage in discussions with AMIT
regarding various potential business combinations with affiliates of Insignia.

On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT obligation.  The actual closing of
the Settlement occurred April 14, 1995.  The Partnership's claim against AMIT
was satisfied by a cash payment by AMIT totaling $1,933,000 (the "Settlement
Amount") plus interest at closing. These funds were applied against the

Partnership's $5,000,000 note receivable from Fort Worth (See discussion below).
On August 9, 1995, Fort Worth and Angeles entered into an agreement in principle
regarding the allowance of an amended claim for the deficiency between the
original principal and the Settlement Amount (the "deficiency"). The amended
claim equaled 90% of the deficiency, or $276,000.  In January 1996, the
Partnership received $48,000 from AMIT as payment on the deficiency.

As part of the settlement, MAE GP granted to AMIT an option to acquire the Class
B Shares owned by it.  This option can be exercised at the end of 10 years or
when all loans made by AMIT to partnerships affiliated with MAE GP as of
November 9, 1994, (which is the date of execution of a definitive Settlement
Agreement),  have been paid in full, but in no event prior to November 9, 1997.
AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which occurred
April 14, 1995, as payment for the option.  Upon exercise of the option, AMIT
would remit to MAE GP an additional $94,000.

Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT.  On these matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.

In 1992, the Partnership loaned Fort Worth $5,000,000 to cover leasing
commissions, tenant improvements, and capital expenditures.  The note payable
required interest at a rate of prime plus 1.5% with monthly interest only
payments through January 1996, at which time the principal was due.  The note
was in default in prior years due to non-payment of interest when due.

On December 22, 1994, the Partnership entered into an agreement with Fort Worth
and Angeles Income Properties, Ltd. V ("AIPL V"), an affiliate of the General
Partner and the other 57% owner of Fort Worth, whereby Fort Worth transferred,
assigned and delivered to the Partnership all of Fort Worth's right, title and
interests in and to all payment, distributions, profits, returns of capital and
benefits accruing from the repayment by AMIT of the loan made to AMIT from Fort
Worth.  This transfer effectively transferred AIPL V's right, title and interest
in and to all payment, distributions, profits, returns of capital and benefits
accruing from the repayment by AMIT of the loan made to AMIT from Fort Worth.
AIPL V has consented to this transfer, assignment and delivery.

The Partnership may make advances to the affiliated joint ventures as deemed
appropriate by the General Partner.  These advances do not bear interest and do
not have stated terms of repayment.

NOTE E - INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION


                                    Initial Cost
                                   To Partnership
                                   (in thousands)
                                                                      Cost
                                                     Buildings     Capitalized
                                                    and Related    (Removed)
                                                     Personal    Subsequent to
Description               Encumbrances     Land      Property     Acquisition

Eastgate Marketplace      $     --      $   901     $  3,991     $  (2,118)
Factory Merchants Mall      15,376        2,414       16,155         1,523

   Totals                 $ 15,376      $ 3,315     $ 20,146     $    (595)


<TABLE>
<CAPTION>
                       Gross Amount At Which Carried
                           At December 31, 1996
                              (in thousands)

                              Buildings
                             And Related
                              Personal             Accumulated      Date     Depreciable
    Description       Land    Property    Total    Depreciation   Acquired   Life-Years
<S>                 <C>     <C>        <C>        <C>            <C>            <C>
Eastgate Marketplace $   294 $  2,480   $  2,774   $   1,988      08/29/86       10-20

Factory Merchants
  Mall                 2,414   17,678     20,092       9,521      05/22/86       10-20

   Totals            $ 2,708 $ 20,158   $ 22,866   $  11,509

<FN>
The depreciable lives included above are for the buildings and components.
The depreciable lives for related personal property are for 5 to 7 years.
</TABLE>


Reconciliation of "Investment Properties and Accumulated Depreciation":

                                      Year Ended December 31,
                                         1996           1995
                                            (in thousands)
Investment Properties

Balance at beginning of year         $  22,739      $  22,468
Property improvements                      127            271
Balance at end of year               $  22,866      $  22,739

Accumulated Depreciation

Balance at beginning of year         $  10,458      $   9,346
  Additions charged to expense           1,051          1,112
Balance at end of year               $  11,509      $  10,458

The aggregate cost of the investment for Federal income tax purposes at December
31, 1996 and 1995, is $25,563,000 and $25,432,000, respectively.  The
accumulated depreciation taken for Federal income tax purposes at December 31,
1996 and 1995, is $10,537,000 and $9,531,000 respectively.


NOTE F - INVESTMENT IN JOINT VENTURES

The Partnership has a 66.7% investment in Northtown Mall Partners ("Northtown")
which is included in "Equity interest in net liabilities of joint venture".  The
Partnership had a 43% investment in Fort Worth, a 43% investment in Burlington
Outlet Mall Joint Venture ("Burlington") and a 50% investment in Moraine West
Carrollton Joint Venture ("Moraine").  The Partnership no longer has an
investment in these joint ventures, due to the sale of Fort Worth's investment
property, the foreclosure of Burlington's investment property and the
dissolution of Moraine during 1995 as discussed below.  The condensed balance
sheet information as of December 31, 1996, for Northtown is as follows: (in
thousands)

                                                   Northtown
Cash                                             $      277
Accounts receivable                                     857
Other assets                                          5,264
Investment property, net                             26,806
Total assets                                     $   33,204

Mortgage note payable                            $   51,387
Other liabilities                                     1,368
Due to partners                                       3,285
Partners' deficit                                   (22,836)

Total liabilities and partners'
    deficit                                      $   33,204


The condensed statements of operations of Northtown, Fort Worth, Burlington and
Moraine for the years ended December 31, 1996 and 1995, are summarized as
follows:

                                       Northtown                Fort Worth
                                   1996          1995        1996        1995

Revenues                      $  10,765      $  11,036    $     --   $     208
Costs and expenses              (13,136)       (13,024)                   (461)
Bad debt recovery                    --             --          --       1,933
 (Loss) income before
 loss on disposal of property
 and extraordinary item          (2,371)        (1,988)         --       1,680
Loss on disposal of
  property                           --           (141)         --          --
(Loss) income before
  extraordinary item             (2,371)        (2,129)         --       1,680
Extraordinary item - gain on
  forgiveness of debt                --             --          --       5,174
Net (loss) income             $  (2,371)     $  (2,129)   $     --   $   6,854

                                          Burlington               Moraine
                                      1996        1995       1996         1995

Revenues                          $       --  $    230  $      --     $     13
Costs and expenses                        --      (762)        --           (1)
(Loss) income before gain
  on foreclosure of property              --      (532)        --           12
Gain on foreclosure of property           --     2,607         --
Net income                        $       --  $  2,075  $      --     $     12


The Partnership's equity in the loss of the joint venture was $1,578,000 for the
year ended December 31, 1996, and the Partnership's equity in the income of the
joint ventures was $1,350,000 for the year ended December 31, 1995.  This
increase in loss can be primarily attributed to the extraordinary gain on
forgiveness of debt at Fort Worth in 1995 and the gain recognized on the
foreclosure of Burlington in 1995.

Northtown:

The net loss at Northtown Mall increased from 1995 to 1996 due to a loss in
tenants, which decreased revenues, and an increase in maintenance expense.  The
$141,000 loss on disposal of property at Northtown Mall in 1995 is the result of
a roof replacement at the investment property.  This loss was due to the write-
off of the old roof which was not fully depreciated.  Northtown is in default on
its non-recourse mortgage note payable due to allowing a mechanics lien to
remain on its mortgaged property which is in violation of its mortgage
agreement.  The Partnership incurred significant costs for tenant improvements
and other expenditures for a new tenant during 1996.  In November 1996, the
lender and the Partnership disagreed on the funding for these costs, resulting
in the Partnership refusing to authorize any further disbursements from its
"Improvements and Leasing Commissions Reserve Escrow" to pay the remaining
balance of approximately $1 million due to the contractors and other vendors.
In January 1997, the contractors filed a mechanics lien against the property.
The Partnership and the lenders are presently in negotiations to settle their
disagreement over the funding of the tenant improvements.  Upon settlement, the
Partnership will authorize the remaining payments to the contractors and vendors
and ensure that the mechanics lien will be removed.  There can be no assurance
that these negotiations will be successful.

On March 15, 1991, Northtown and the holder of the Northtown Mall mortgage note
payable entered into an Option Agreement ("Option") whereby the lender has the
right and an option to purchase the Northtown Mall property on the terms and
conditions as set forth in the Option.  The purchase price of the property, as
set forth in the Option, is defined as the fair market value of the property.
Such Option can be exercised by written notice by the lender at specified dates.
The option expires in 2006.  In accordance with the Option, the lender gave
notice to Northtown in November 1996, that it intended to exercise this Option.
The lender and Northtown have begun the determination of the property's fair
value as defined in the Option and in the loan agreement.  If the determined
fair value exceeds the annual appraisal by more than 5%, the lender may withdraw
its exercise of the Option and the Option continues in full force.  The fair
value of the property, as defined in the Option and loan agreement, has not been
determined; therefore, Northtown cannot presently determine if the property will
be sold.

Fort Worth:

Fort Worth's general partners decided to terminate the joint venture in 1995
after the W.T. Waggoner Building, Fort Worth's remaining property, was sold on
March 22, 1995.  All remaining cash was used to pay Fort Worth's liabilities in
January 1996, at which time the joint venture was dissolved.  Forth Worth
recognized a gain on debt forgiveness in 1995 as the result of the write-off of
all outstanding liabilities.

In 1996, the Partnership, along with other affiliates, was named in a suit
brought by a company which owned a 20% interest in Fort Worth's investment
property, the W.T. Waggoner Building, which was sold in 1995.  The General
Partner believes that there is no merit in this suit and intends to vigorously
defend it.


Burlington:

On October 30, 1995, Burlington lost its investment property, the Burlington
Outlet Mall located in Burlington, NC, through foreclosure by an unaffiliated
mortgage holder.  The property was not generating sufficient cash flow to meet
debt service requirements.  The non-payment of principal and interest
constituted a default under the terms of the mortgage agreement and allowed the
holder of the nonrecourse mortgage to foreclose on the property.  Burlington
recognized a gain of $2,607,000 as a result of the foreclosure, and subsequently
the general partners decided to terminate the joint venture.  All remaining cash
was used to pay the joint venture's liabilities in 1996, at which time
Burlington was dissolved.

Moraine:

The sale of Moraine to an affiliate of the third party managing agent closed on
July 21, 1994.  Moraine received a net amount of $2,199,000 in proceeds after
satisfying all indebtedness.  Moraine made a final distribution of $1,931,000 in
1995, of which the Partnership's share was $966,000, and the joint venture was
then dissolved.

NOTE G - OPERATING LEASES

Tenants of the commercial properties are responsible for their own utilities and
maintenance of their space, and payment of their proportionate share of common
area maintenance, utilities, insurance and real estate taxes.  Tenants are
generally not required to pay a security deposit.

As of December 31, 1996, the Partnership had minimum future rentals under
noncancellable leases with terms ranging from twelve months to twenty-one years
as follows (in thousands):


                 1997                    $   2,749
                 1998                        2,544
                 1999                        2,110
                 2000                        1,639
                 2001                          645
              Thereafter                     2,109

                                         $  11,796


NOTE H - GROUND LEASE

Factory Merchants Mall is subject to three ground leases.  The aggregate annual
lease expense was approximately $160,000 for each of the years ended December
31, 1996 and 1995.  Such amounts are included in the statements of operation as
operating expenses.  The terms of two of the leases provide for increases every
year, based on the Consumer Price Index.  The terms of the third lease provide
for increases every five years, based on the Consumer Price Index.

As of December 31, 1996, the aggregate minimum rental payments under the land
leases are as follows (in thousands):

                1997                  $   160
                1998                      160
                1999                      160
                2000                      160
                2001                      160
             Thereafter                 4,220

                                      $ 5,020


NOTE I - ABANDONMENT OF LIMITED PARTNERSHIP UNITS

In 1996, the number of Limited Partnership Units decreased by 175 units due to
limited partners abandoning their units.  In abandoning his or her Limited
Partnership Unit(s), a limited partner relinquishes all right, title and
interest in the Partnership as of the date of abandonment.  However, the limited
partner is allocated his or her share of income or loss in the year of
abandonment.

The loss or income per limited partnership unit in the accompanying statements
of operations is calculated based on the number of units outstanding at the
beginning of the year.


ITEM 8.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANT ON ACCOUNTING AND
          FINANCIAL DISCLOSURES

There were no disagreements with Ernst & Young LLP regarding the 1996 or 1995
audits of the Partnership's financial statements.



                                      PART III


ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
          COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

The names of the directors and executive officers of Angeles Realty Corporation
II ("ARC II"), the Partnership's General Partner as of December 31, 1996, their
ages and the nature of all positions with ARC II presently held by them are as
follows:

Name                                Age               Position

Carroll D. Vinson                   56                President, Director

Robert D. Long, Jr.                 29                Controller and Principal
                                                      Accounting Officer

William H. Jarrard, Jr.             50                Vice President

John K. Lines, Esq.                 37                Vice President and
                                                      Secretary

Kelley M. Buechler                  39                Assistant Secretary


Carroll D. Vinson has been President of Metropolitan Asset Enhancement, L.P.,
and subsidiaries since August of 1994.  Prior to that, during 1993 to August
1994, Mr. Vinson was affiliated with Crisp, Hughes & Co. (regional CPA firm) and
engaged in various other investment and consulting activities.  Briefly, in
early 1993, Mr. Vinson served as President and Chief Executive Officer of
Angeles Corporation, a real estate investment firm.  From 1991 to 1993, Mr.
Vinson was employed by Insignia in various capacities including Managing
Director-President during 1991.  From 1986 to 1990, Mr. Vinson was President and
a Director of U.S. Shelter Corporation, a real estate services company, which
sold substantially all of its assets to Insignia in December 1990.

Robert D. Long, Jr. is Controller and Principal Accounting Officer.  Prior to
joining Metropolitan Asset Enhancement, L.P., and subsidiaries, he was an
auditor for the State of Tennessee and was associated with the accounting firm
of Harshman Lewis and Associates.

William H. Jarrard, Jr. is Managing Director - Partnership Administration of
Insignia since January 1991.  Mr. Jarrard served as Managing Director
Partnership Administration & Asset Management from July 1994 until January 1996.

John K. Lines, Esq. has been Insignia's General Counsel since June 1994 and
General Counsel and Secretary since July 1994.  From May 1993 until June 1994,
Mr. Lines was the Assistant General Counsel and Vice President of Ocwen
Financial Corporation in West Palm Beach, Florida.  From October 1991 until
April 1993, Mr. Lines was a Senior Attorney with Banc One Corporation in
Columbus, Ohio.  From May 1984 until October 1991, Mr. Lines was employed as an
Associate Attorney with Squire Sanders & Dempsey in Columbus, Ohio.

Kelley M. Buechler is Assistant Secretary of the General Partner and has served
as Assistant Secretary of Insignia since 1991.

ITEM 10.  EXECUTIVE COMPENSATION

No direct form of compensation or remuneration was paid by the Partnership to
any officer or director of ARC II.  The Partnership has no plan, nor does the
Partnership presently propose a plan, which will result in any remuneration
being paid to any officer or director upon termination of employment.  However,
fees and other payments have been made to the Partnership's General Partner and
its affiliates, as described in "Note D" of the Financial Statements included
under "Item 7.", which is incorporated herein by reference.


ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

As of January 1, 1997, no person owned of record more than 5% of the Limited
Partnership Units of the Partnership nor was any person known by the Partnership
to own of record and beneficially, or beneficially only, more than 5% of such
securities.

The Partnership knows of no contractual arrangements, the operation or the terms
of which may at a subsequent date result in a change in control of the
Partnership, except for:  Article 12.1 of the Agreement, which provide that upon
a vote of the Limited Partners holding more than 50% of the then outstanding
Limited Partnership Units the General Partner may be expelled from the
Partnership upon 90 days written notice.  In the event that a successor general
partner has been elected by Limited Partners holding more than 50% of the then
outstanding Limited Partnership Units and if said Limited Partners elect to
continue the business of the Partnership, the Partnership is required to pay in
cash to the expelled General Partner an amount equal to the accrued and unpaid
management fee described in Article 10 of the Agreement and to purchase the
General Partner's interest in the Partnership on the effective date of the
expulsion, which shall be an amount equal to the difference between (i) the
balance of the General Partner's capital account and (ii) the fair market value
of the share of Distributable Net Proceeds to which the General Partner would be
entitled.  Such determination of the fair market value of the share of
Distributable Net Proceeds is defined in Article 12.2(b) of the Agreement.


ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

No transactions have occurred between the Partnership and any officer or
director of ARC II.

During the years ended December 31, 1996, and December 31, 1995, the
transactions that occurred between the Partnership and ARC II and affiliates of
ARC II pursuant to the terms of the Agreement are disclosed under "Note D" of
the Partnership's Financial Statements included under "Item 7.", which is hereby
incorporated by reference.


                                      PART IV


ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

       (a)  Exhibits required by Item 601 of Regulation S-B:  Refer to Exhibit
            Index.

       (b)  Reports on Form 8-K:

            None.



                                     SIGNATURES


     In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
has caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


                                   ANGELES INCOME PROPERTIES, LTD. IV
                                   (A California Limited Partnership)
                                   (Registrant)


                             By:   Angeles Realty Corporation II


                             By:   /s/ Carroll D. Vinson
                                   Carroll D. Vinson
                                   President

                             Date: March 27, 1997



    In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities on the
date indicated.



/s/ Carroll D. Vinson            President                 Date: March 27, 1997
Carroll D. Vinson






/s/Robert D. Long, Jr.           Controller and Principal  Date: March 27, 1997
Robert D. Long, Jr.              Accounting Officer


                         ANGELES INCOME PROPERTIES, LTD. IV


                                   EXHIBIT INDEX



    Exhibit Number                           Description of Exhibit

           3.1            Amended Certificate and Agreement of the Limited
                          Partnership filed in Amendment Number 2 to Form S-11
                          dated April 25, 1985 which is incorporated herein by
                          reference

           10.1           Agreement of Purchase and Sale of Real Property with
                          Exhibits - Northtown Mall filed in Form 8K dated July
                          15, 1985 which is incorporated herein by reference

           10.2           Agreement of Purchase and Sale of Real Property with
                          Exhibits-Burlington Mall Partners filed in Form 8K
                          dated December 19, 1985 which is incorporated herein
                          by reference

           10.3           Agreement of Purchase and Sale of Real Property with
                          Exhibits - Moraine West Carrollton Partners filed in
                          Form 8K dated December 20, 1985 which is incorporated
                          herein by reference

           10.4           Agreement of Purchase and Sale of Property with
                          Exhibits - Factory Merchants Etc.  Mall-Phase I and
                          Phase II filed in Form 8K dated May 22, 1986 which is
                          incorporated herein by reference

           10.5           Promissory Note - Fort Worth Center and the W.T.
                          Waggoner Building filed in Form 8K dated July 16,
                          1986 which is incorporated herein by reference

           10.6           Deed of Trust, Assignment of Leases and Rents and
                          Security Agreement - Fort Worth Center and the W.T.
                          Waggoner Building filed in Form 8K dated July 16,
                          1986 which is incorporated herein by reference

           10.7           Deed of Trust - Option - Fort Worth Center and the
                          W.T. Waggoner Building filed in Form 8K dated July
                          16, 1986 which is incorporated herein by reference

           10.8           Security Agreement - Fort Worth Center and the W.T.
                          Waggoner Building filed in Form 8K dated July 16,
                          1986 which is incorporated herein by reference

           10.9           Option Agreement - Fort Worth Center and the W.T.
                          Waggoner Building filed in Form 8K dated July 16,
                          1986 which is incorporated herein by reference

          10.10           Covenant not to compete - Fort Worth Center and the
                          W.T. Waggoner Building filed in Form 8K dated July
                          16, 1986 which is incorporated herein by reference

          10.12           Acquisition or Disposition of Assets - Fort Worth
                          Option Joint Venture - filed in form 8K dated
                          November 1, 1987, which is incorporated herein by
                          reference

          10.13           Promissory Note - Northtown Mall.  Filed in Form 10-K
                          dated December 31, 1990, Exhibit 10.13, which is
                          incorporated herein by reference

          10.14           Stock Purchase Agreement dated November 24, 1992
                          showing the purchase of 100% of the outstanding stock
                          of Angeles Realty Corporation II, a subsidiary of MAE
                          GP Corporation, filed in Form 8-K dated December 31,
                          1992, which is incorporated herein by reference

          10.15           Acquisition or Disposition of Assets - Moraine West
                          Carrollton - filed in Form 8-K dated July 21, 1994,
                          which is incorporated herein by reference.

          10.16           Promissory note - dated August 19, 1996, between
                          Factory Merchants AIP IV, L.P., and Union Capital
                          Investments, LLC.

          16              Letter from Registrant's former accountant regarding
                          its concurrence with the statements made by the
                          Registrant is incorporated by reference to the
                          Exhibit filed with Form 8-K dated September 1, 1993.

          27              Financial Data Schedule.