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 [FEE REQUIRED]

                  For the fiscal year ended December 31, 1995

   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                                          
(State or other jurisdiction of                      95-3974194
incorporation or organization)                    (I.R.S. Employer 
                                                  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  No 
                                                                            
   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.  $3,702,709

   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 the
"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 Management 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.

   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
                                                              141,366 sq.ft.
                                    
 Factory Merchants Mall   05/22/86  Fee ownership subject     Commercial
                                    to a first mortgage       200,222 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 and is included
in "Equity interest in net liabilities of joint venture".  The property owned
by Northtown, as of December 31, 1995, 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.  

   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.

   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:

<TABLE>
<CAPTION>
                            Gross                                  
                           Carrying     Accumulated                       Federal
 Property                   Value      Depreciation    Rate     Method   Tax Basis
<S>                     <C>           <C>          <C>          <C>    <C>  
 Eastgate Marketplace    $ 2,762,257   $ 1,903,374  5-20 yrs     (1)    $ 3,795,660
 Factory Merchants Mall   19,976,666     8,554,723  5-20 yrs     (1)     12,104,964
                                                                                   
                         $22,738,923   $10,458,097                      $15,900,624
<FN>
(1) Straight line

</TABLE>

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

Schedule of Mortgages:

<TABLE>
<CAPTION>

                           Principal                                      Principal
                          Balance At                                       Balance
                         December 31,   Interest    Period    Maturity     Due At
 Property                     1995        Rate     Amortized    Date      Maturity
<S>                      <C>             <C>      <C>         <C>      <C>
 Factory Merchants Mall                                                            
   1st mortgage           $14,469,438     9.87%    20 years    12/1997  $13,853,040

</TABLE>

Average annual rental rate and occupancy for 1995 and 1994 for each property:

                                  Average Annual                 Average
                                   Rental Rates                 Occupancy    
 Property                       1995          1994          1995         1994 
                                                             
 Eastgate Marketplace       $ 3.29/s.f.   $ 3.35/s.f.       94%           93%
 Factory Merchants Mall      13.94/s.f.    13.87/s.f.       91%           92%

   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 1996-2005:

                               Number of                              % of Gross
                              Expirations  Square Feet  Annual Rent  Annual Rent
                                                                  
 Eastgate Marketplace                                             
 1996                              4            7,388     $ 45,483         9.24%
 1997                              1           46,000       62,100        12.62%
 1998                              2            3,264       25,881         5.26%
 1999                              0               --           --           -- 
 2000-2005                         1            1,150       11,362         2.31%
                                                                  
                                                                 
 Factory Merchants Mall                                           
 1996                              14          57,266     $813,021        26.92%
 1997                              3            5,097       76,050         2.52%
 1998                              6           22,916      326,672        10.82%
 1999                              9           34,047      437,400        14.48%
 2000                              5           17,757      284,764         9.43%
 2001                              4           33,457      467,859        15.49%
 2002                              0                0            0           -- 
 2003                              0                0            0           -- 
 2004                              1            8,680      117,180         3.88%
 2005                              1            2,500       35,874         1.19%

   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 1995 for each property were:

                                   1995               1995
                                  Billing             Rate
                                        
 Eastgate Marketplace            $ 74,585             1.52
 Factory Merchants Mall           147,185              .80

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 1.2% 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 37% 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
1.2% 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 annual meeting 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., which provides property management and partnership administration
services to the Partnership, owns 63,200 Class A Shares of AMIT.  These Class
A Shares entitle LAC to vote approximately 1.5% of the total shares.

   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 totalling $1,932,975 (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 equalled 90% of the deficiency, or $276,322. 
Subsequent to December 31, 1995, the Partnership received $47,527 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 $81,263 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.

   Subsequent to year end, 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.


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 131,760 Limited Partnership Units and 5,983 Limited Partners of
record. There is no intention to sell additional Limited Partnership Units nor
is there an established market for these units. 

   During 1994, the number of Limited Partnership Units decreased by 40 units
due to limited partners abandoning their units.  In abandoning his or her
Limited Partnership Units, a limited partner relinquishes all right, title and
interest in the Partnership as of the date of abandonment.  There was no
change in the number of Limited Partnership Units during 1995.

   The Partnership has discontinued making cash distributions from operations
until and unless the financial condition  of the Partnership and other
relevant factors warrant resumption of distributions.


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 net income of $1,447,217 for 1995 versus a net
loss of $3,273,457 for 1994.  The increase in the net income for the year
ended December 31, 1995, as compared to the year ended December 31, 1994, is
primarily due to an increase in revenues and tenant reimbursements and an
increase in equity in income of the joint ventures (see discussion below).

   The increase in rental revenue for the year ended December 31, 1995, as
compared to the year ended December 31, 1994, is a result of an increase in
percentage rent and an increase in the rental rates at Factory Merchant's
Mall.  The increase in other income is due to an increase in interest income
as a result of increased cash balances.  General and administrative expense
decreased primarily due to a decrease in partnership accounting, investor
services and asset management cost reimbursements.  The increase in property
management fees is due to the increase in rental revenues as such fees are
based on revenues.  The increase in maintenance expenses for the year ended
December 31, 1995, as compared to the year ended December 31, 1994, is
primarily caused by increased repairs and maintenance at Factory Merchant's
Mall in an effort to enhance the property's curb appeal and thereby increase
occupancy.  Bad debt expense for the year ended December 31, 1995, increased
due to increases in the allowance based on management's review of
collectibility of tenant accounts. Tenant reimbursements increased for the
year ended December 31, 1995, as compared to the year ended December 31, 1994,
due to a different interpretation of the lease agreements at Factory Merchants
Mall.

   The Partnership's equity in the income of the joint ventures is $1,349,648
for the year ended December 31, 1995, and the Partnership's equity in the
losses of the joint ventures was $2,412,329 for the year ended December 31,
1994.  The change in the equity in income (loss) of joint ventures can be
attributed to bad debt recovery for Fort Worth as a result of AMIT's note
payment to Fort Worth and to the gain on the foreclosure of Burlington's
investment property (see "Note F" for further discussion).

   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, 1995, the Partnership had unrestricted cash of $3,425,583
versus $548,218 at December 31, 1994.  Net cash provided by operating
activities increased in 1995 due to improved operations at the Partnership's
investment properties, as discussed above.  Net cash from investing activities
increased due to the receipt of proceeds from the Fort Worth note receivable
and the receipt of distributions from Moraine.  Net cash used in financing
activities remained stable from 1994 to 1995.

   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 $14,469,438, which is secured by the Factory
Merchant's Mall investment property, matures in December 1997, at which time
the indebtedness 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 1995 and 1994.

   On March 15, 1991, Northtown and the holder of the Northtown Mall mortgage
note payable entered into an Option Agreement ("Option") whereby such 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.

   A purchase agreement was executed on May 8, 1994 for the sale of all of the
Moraine West Carrollton properties to an affiliate of the third party managing
agent.  The sale was closed on July 21, 1994.  Moraine received a net amount
of approximately $2,199,000 in proceeds after satisfying all indebtedness. 
Moraine realized a $140,553 gain on the transaction of which the Partnership's
pro rata share was $70,277.  Moraine made a final distribution of $1,931,461
in 1995, of which the Partnership's pro-rata share was $965,730, and the joint
venture was then dissolved.


   On March 22, 1995, Fort Worth's remaining property was sold for $300,000 to
a tenant of the property.  All remaining cash will be used in 1996 to satisfy
Fort Worth's remaining debt to the Partnership, at which time Fort Worth will
terminate.

   On October 30, 1995, the Partnership lost Burlington Outlet Mall located in
Burlington, NC, through a 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 terms of the mortgage agreement and allowed the holder of the
mortgage agreement to foreclose on the property.  The Partnership deemed it to
be in its best interest not to contest the foreclosure action.  All remaining
cash will be used to pay the joint venture's liabilities in 1996, at which
time Burlington will be dissolved.



Item 7.     Financial Statements


ANGELES INCOME PROPERTIES, LTD. IV

LIST OF FINANCIAL STATEMENTS


   Report of Independent Auditors   

   Balance Sheet -  December 31, 1995

   Statements of Operations - Years ended December 31, 1995 and 1994

   Statements of Changes in Partners' Deficit - Years ended 
   December 31, 1995 and 1994

   Statements of Cash Flows - Years ended December 31, 1995 and 1994

   Notes to Financial Statements



               Report of Ernst & Young LLP, Independent Auditors



The Partners
Angeles Income Properties, Ltd. IV


We have audited the accompanying balance sheet of Angeles Income Properties,
Ltd. IV as of December 31, 1995, and the related statements of operations,
changes in partners' deficit and cash flows for each of the two years in the
period ended December 31, 1995.  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 financial position of Angeles Income Properties,
Ltd. IV as of December 31, 1995 and the results of its operations and its cash
flows for each of the two years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.

As discussed in Note J, the statement of changes in partners' deficit has been
restated to reflect a correction of the recording of equity interests in the
net liabilities of joint ventures in 1993.


                                             /S/ ERNST & YOUNG LLP


Greenville, South Carolina
February 22, 1996




                      ANGELES INCOME PROPERTIES, LTD. IV

                                 BALANCE SHEET

                               December 31, 1995

 Assets                                                                  
   Cash:                                                                 
     Unrestricted                                            $  3,425,583
     Restricted--tenant security deposits                           7,589
   Accounts receivable, net of allowance                                 
     of $189,729                                                  217,983
   Escrows for taxes and insurance                                222,638
   Other assets                                                   468,059
   Investment properties  (Notes B and E):                               
     Land                                     $  2,707,811               
     Buildings and related personal                                      
        property                                20,031,112               
                                                22,738,923               
     Less accumulated depreciation             (10,458,097)    12,280,826
                                                                        
                                                             $ 16,622,678
                                                                        
 Liabilities and Partners' Deficit                                       
                                                                        
 Liabilities                                                             
   Accounts payable                                          $     63,217
   Tenant security deposits                                         7,589
   Accrued taxes                                                  147,185
   Other liabilities                                              140,374
   Mortgage note payable (Notes B and E)                       14,469,438
   Equity interest in net liabilities of                                 
     joint venture, net of advances of                                   
     $890,597 (Note F)                                         12,804,789
                                                                         
 Partners' Deficit                                                       
   General partner                            $ (1,359,178)              
   Limited partners  (131,760                                            
     units issued and outstanding)             ( 9,650,736)   (11,009,914)
                                                                       
                                                             $ 16,622,678

                See Accompanying Notes to Financial Statements

                      ANGELES INCOME PROPERTIES, LTD. IV

                           STATEMENTS OF OPERATIONS


                                                    Years Ended December 31,  
                                                     1995           1994     
 Revenues:                                                                  
   Rental income                                  $ 3,512,066    $ 3,090,429
   Other income                                       190,643         44,991
     Total revenue                                  3,702,709      3,135,420

 Expenses:                                                                  
   Operating                                          975,657      1,011,540
   General and administrative                         418,852        672,020
   Property management fees (Note D)                  171,218        123,405
   Maintenance                                        305,779        266,359
   Depreciation                                     1,112,305      1,141,622
   Amortization                                       103,573         69,071
   Interest                                         1,482,686      1,507,415
   Property taxes                                     221,815        214,561
   Bad debt expense                                   171,620          5,476
   Tenant reimbursements                           (1,358,365)    (1,014,921)
     Total expenses                                 3,605,140      3,996,548
                                                                           
     Income (loss) before equity in income                                  
        (loss) of joint ventures                       97,569       (861,128)
                                                                            
 Equity in income (loss) of joint                                           
   ventures (Note F)                                1,349,648     (2,412,329)
                                                                            
     Net income (loss)                            $ 1,447,217    $(3,273,457)
                                                                            
 Net income (loss) allocated to general                                     
   partner (2%)                                   $    28,944    $   (65,469)
 Net income (loss) allocated to limited                                     
   partners (98%)                                   1,418,273     (3,207,988)
                                                                            
     Net income (loss)                            $ 1,447,217    $(3,273,457)
                                                                            
 Net income (loss) per limited partnership                                  
   unit                                           $     10.98    $    (24.34)

                See Accompanying Notes to Financial Statements

                      ANGELES INCOME PROPERTIES, LTD. IV

                   STATEMENT OF CHANGES IN PARTNERS' DEFICIT


<TABLE>
<CAPTION>

                                      Limited                          
                                    Partnership     General        Limited
                                       Units        Partner        Partners         Total 
<S>                                  <C>         <C>           <C>             <C> 
 Original capital contributions       131,800     $    1,000    $ 65,900,000    $65,901,000
                                                                                           
 Partners' deficit at December 31,                                                         
   1993 as previously reported        131,800    $(1,372,355)   $(10,296,421)  $(11,668,776)
                                                                                           
 Adjustment to correct the                                                                 
   recording of equity interests                                                           
   in net liabilities of joint                                                             
   ventures in 1993 (Note J)               --         49,702       2,435,400      2,485,102
                                                                                           
 Partners' deficit at December 31,                                                         
   1993, as restated                  131,800     (1,322,653)     (7,861,021)    (9,183,674)
                                                                                           
 Abandonment of Limited                                                                    
   Partnership Units (Note I)             (40)            --              --             --
                                                                                           
 Net loss for the year ended                                                               
   December 31, 1994                       --        (65,469)     (3,207,988)    (3,273,457)
                                                                                         
 Partners' deficit at                                                                      
   December 31, 1994, as restated     131,760     (1,388,122)    (11,069,009)   (12,457,131)
                                                                                           
 Net income for the year                                                                   
   ended December 31, 1995                 --         28,944       1,418,273      1,447,217
                                                                                           
 Partners' deficit at                                                                      
   December 31, 1995                  131,760    $(1,359,178)    $(9,650,736)  $(11,009,914)

<FN>
                See Accompanying Notes to Financial Statements

</TABLE>

                      ANGELES INCOME PROPERTIES, LTD. IV

                           STATEMENTS OF CASH FLOWS

                                                      Years Ended December 31, 
                                                         1995          1994    
                                                                             
 Cash flows from operating activities:                                        
      Net income (loss)                             $ 1,447,217    $(3,273,457)
      Adjustments to reconcile net income                                     
       (loss) to net cash provided by                                         
       operating activities:                                                  
       Equity in (income) loss of joint ventures     (1,349,648)     2,412,329
       Depreciation                                   1,112,305      1,141,622
       Bad debt expense                                 171,620          5,476
       Amortization of loan costs and leasing                                 
           commissions                                  145,310        109,233
      Change in accounts:                                                     
           Restricted cash                                  557         (2,231)
           Accounts receivable                         (280,561)        60,316
           Escrows for taxes                            (52,300)      (116,632)
           Other assets                                 (99,283)      (130,836)
           Accounts payable                              24,406        (58,576)
           Tenant security deposit liabilities             (557)         1,077
           Accrued taxes                                 14,811             --
           Other liabilities                            (34,771)      (119,284)
                                                                              
               Net cash provided by operating                                 
                activities                            1,099,106         29,037
                                                                              
 Cash flows from investing activities:                                        
   Property improvements and replacements              (270,552)      (374,640)
   Distributions from joint venture                     965,730        500,000
   Advances to joint ventures                          (750,031)      (808,465)
   Proceeds from notes receivable                     2,111,438            -- 
                                                                              
               Net cash provided by (used in)                                 
               investing activities                   2,056,585       (683,105)
                                                                              
 Cash flows from financing activities:                                        
   Payments on mortgage notes payable                  (278,326)      (252,236)
                                                                             
 Net increase (decrease) in cash and cash                                     
   equivalents                                        2,877,365       (906,304)
                                                                              
 Cash and cash equivalents at beginning of year         548,218      1,454,522
                                                             
 Cash and cash equivalents at end of year           $ 3,425,583    $   548,218
                                                                              
 Supplemental disclosure of cash flow                                         
   information:                                                               
   Cash paid for interest                           $ 1,443,238    $ 1,469,328

                See Accompanying Notes to Financial Statements

                      ANGELES INCOME PROPERTIES, LTD. IV

                         Notes to Financial Statements

                               December 31, 1995


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, 1995, the
Partnership owns and operates two commercial properties and owns a general
partner interest in a third commercial property.

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, 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.

Note A - Organization and Significant Accounting Policies (continued)

Cash and Cash Equivalents:  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.

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, included in "Other assets," of $165,274 are being
amortized on a straight-line basis over the life of the loan.  Current
accumulated amortization is $83,540.

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 realized
totalled $484,600 in 1995 and $291,561 in 1994.                     

Lease Commissions:  Lease commissions, included in "Other assets," of $560,509
are being amortized on a straight-line basis over the terms of the respective
leases.  Current accumulated amortization is $252,789.

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 1994
balances to conform to the 1995 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 ("Note B").  

Note B - Mortgage Note Payable

The principal terms of the mortgage note payable are as follows:

<TABLE>
<CAPTION>

                            Monthly                          Principal      Principal
                            Payment     Stated                Balance       Balance At
                          Including    Interest  Maturity      Due At      December 31,
 Property                  Interest      Rate      Date       Maturity         1995   
<S>                        <C>          <C>     <C>        <C>            <C>  
 Factory Merchants Mall                                                               
   1st mortgage             $143,464     9.87%   12/1997    $13,853,040    $14,469,438
</TABLE>

The mortgage note payable is nonrecourse and is secured by pledge of the
Partnership s investment property and by pledge of revenues from the
investment property.

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, 1995, are as follows:

                     1996          $   307,079
                     1997           14,162,359
                                             
                                   $14,469,438
 
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 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
and Federal taxable loss:


                                                1995           1994    
                                                                      
 Net income (loss) as reported              $ 1,447,217    $(3,273,457)
 Add (deduct):                                                        
        Depreciation differences                118,852        154,993
        Unearned income                         (38,728)        13,475
        Investment in joint venture          (7,802,026)      (428,194)
        Bad debts                            (2,595,928)              
        Other                                  (149,428)       (25,575)
                                                                     
 Federal taxable loss                       $(9,020,041)   $(3,558,758)
                                                               
 Federal taxable loss per                                             
        limited partnership unit            $    (67.09)   $    (26.74)

Note C - Income Taxes (continued)

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

 Net liabilities as reported                   $(11,009,914)               
 Land and buildings                               2,693,071                
 Accumulated depreciation                           926,727                
 Syndication and distribution costs               8,848,293                
 Investments in Joint Ventures                    3,435,794                
 Note receivable                                  1,362,443                
 Other                                                                     
                                                                           
 Net assets - Federal tax basis                 $ 6,256,414                


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 1995
and 1994:
                                                       1995          1994  
                                                                           
 Property management fees                            $171,218      $123,405
 Reimbursement for services of affiliates             334,171       497,966

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.

Note D - Transactions with Affiliated Parties (continued)

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 1.2% 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 37% 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
1.2% 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 annual meeting 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., which provides property management and partnership administration
services to the Partnership, owns 63,200 Class A Shares of AMIT.  These Class
A Shares entitle LAC to vote approximately 1.5% of the total shares.

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 totalling $1,932,975 (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 equalled 90% of the deficiency, or $276,322.  Subsequent to
December 31, 1995, the Partnership received $47,527 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.


Note D - Transactions with Affiliated Parties (continued)

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                    
                                                                       Cost    
                                                      Buildings     Capitalized
                                                     and Related    (Removed)
                                                       Personal   Subsequent to

 Description              Encumbrances      Land       Property    Acquisition 
                                                                               
 Eastgate Marketplace     $        --   $  900,741  $ 3,991,260     $(2,129,744)

 Factory Merchants Mall    14,469,438    2,413,967   16,155,019       1,407,680
                                                                               
     Totals               $14,469,438   $3,314,708  $20,146,279     $  (722,064)

<TABLE>
<CAPTION>
                                       Gross Amount At Which Carried
                                              At December 31, 1995     

                                        Buildings                                         
                                      And Related                                        
                                        Personal                      Accumulated        Date      Depreciable
    Description           Land          Property         Total        Depreciation     Acquired     Life-Years
<S>                    <C>            <C>           <C>              <C>             <C>            <C>        
 Eastgate               $  293,843     $ 2,468,414   $ 2,762,257      $ 1,903,374     08/29/86       10-20
                                                                                         
 Factory Merchants                                                                                         
   Mall                  2,413,968      17,562,698    19,976,666        8,554,723     05/22/86       10-20
                                                                                          
       Totals           $2,707,811     $20,031,112   $22,738,923      $10,458,097         

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

Reconciliation of "Investment Properties and Accumulated Depreciation":

                                        Year Ended December 31,  
                                          1995           1994    
 Investment Properties                                          
 Balance at beginning of year         $22,468,371    $22,093,731
 Property improvements                    270,552        374,640
 Balance at end of year               $22,738,923    $22,468,371
                                                                
 Accumulated Depreciation                                       
 Balance at beginning of year         $ 9,345,792    $ 8,204,170
    Additions charged to expense        1,112,305      1,141,622
 Balance at end of year               $10,458,097    $ 9,345,792

The aggregate cost of the investment for Federal income tax purposes at
December 31, 1995 and 1994 is $25,431,994 and $25,169,533, respectively.  The
accumulated depreciation taken for Federal income tax purposes at December 31,
1995 and 1994 is $9,531,370 and $8,537,917, 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's investment in these joint ventures will terminate effective
December 31, 1995, 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, 1995 for Fort Worth, Northtown and Burlington is as follows:


                                 Fort                               
 Assets                         Worth       Northtown     Burlington
 Cash                        $   62,015    $    88,139    $   22,764
 Accounts receivable                 --      1,390,342            --
 Other assets                        --      5,739,772            --
 Investment properties,                                             
    net                              --     26,410,618            --

     Total                   $   62,015   $ 33,628,871   $    22,764
                                                                    
 Liabilities and Partners'                                          
 Deficit                                                            
 Notes payable               $   62,015   $ 51,732,243   $        --
 Other liabilities                   --        539,063        12,706
 Due to partners                     --      1,822,852        10,058
 Partners' deficit                   --    (20,465,287)           --
                                                                   
     Total                  $    62,015   $ 33,628,871   $    22,764

The condensed statements of operations of Fort Worth, Northtown, Burlington
and Moraine for the years ended December 31, 1995 and 1994, are summarized as
follows:

<TABLE>
<CAPTION>

                                    Fort Worth                   Northtown
                                1995           1994            1995         1994  
<S>                        <C>            <C>           <C>           <C>   
 Revenue                    $   207,399    $   758,998   $ 6,319,682   $ 6,051,699
 Costs and expenses            (460,758)    (1,969,300)   (8,307,913)   (8,302,206)
 Bad debt recovery            1,932,975             --            --              
 Extraordinary gain-                                                              
    forgiveness of debt       5,174,115             --            --            --
 Loss on disposal of                                                              
    property                         --             --      (140,544)     (169,716)
 Net income (loss)          $ 6,853,731    $(1,210,302)  $(2,128,775)  $(2,420,223)


 Note F - Investment in Joint Ventures (continued)                                
                                         
                                    Burlington                    Moraine
                                 1995           1994           1995         1994  
                                                                                  
 Revenue                    $   230,472    $   595,823   $    12,445   $   989,221
 Costs and expenses            (762,497)    (1,609,435)         (625)     (989,260)
 Gain on foreclosure of                                                           
    property                  2,606,903             --            --            --
 Gain on sale of property            --             --            --       140,553
 Net income (loss)          $ 2,074,878    $(1,013,612)  $    11,820   $   140,514


The Partnership's equity in the income of the joint ventures was $1,349,648
for the year ended December 31, 1995, and the Partnership's equity in the loss
of the joint ventures was $2,412,329 for the year ended December 31, 1994. 
This increase in income can be primarily attributed to Fort Worth and
Burlington (see discussion below).

Fort Worth:

The increase in Fort Worth's income from 1994 to 1995 can be attributed to the
following:  1) bad debt recovery as a result of a partial recovery of its
receivable from AMIT (see "Note D"), 2) debt forgiveness as a result of the
write-off of all outstanding liabilities of Fort Worth and 3) as a result of
the sale of Fort Worth's remaining asset, Fort Worth realized a considerable
decrease in costs and expenses from 1994 to 1995.

Fort Worth's general partners have 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.

Subsequent to year end, 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.

Northtown:

The net loss at Northtown decreased due to an increase in revenues.  The
$140,544 loss on disposition of property at Northtown is the result of a roof
replacement at the investment property.  This loss is due to the write-off of
the old roof which was not fully depreciated.   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.

Note F - Investment in Joint Ventures (continued)

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 terms of the mortgage agreement and allowed the
holder of the nonrecourse mortgage to foreclose on the property.  Burlington
recognized a gain of $2,606,903 as a result of the foreclosure, and
subsequently the general partners decided to terminate the joint venture.  All
remaining cash will be used to pay the joint venture's liabilities in 1996, at
which time Burlington will be dissolved.

Moraine:

A purchase agreement was executed on May 8, 1994, for the sale of all the
Moraine West Carrollton properties to an affiliate of the third party managing
agent.  The sale closed on July 21, 1994.  Moraine received a net amount of
approximately $2,199,000 in proceeds after satisfying all indebtedness. 
Moraine realized a $140,553 gain on the transaction of which the Partnership's
share was $70,277.  Moraine made a final distribution of $1,931,461 in 1995,
of which the Partnership's share was $965,730, 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, 1995, the Partnership had minimum future rentals under
noncancellable leases with terms ranging from twelve months to fifteen years.

                  1996                       $ 2,345,452
                  1997                         2,004,646
                  1998                         1,811,313
                  1999                         1,397,776
                  2000                           947,915
               Thereafter                      2,758,125
                                                       
                                             $11,265,227

Note H - Ground Lease

Factory Merchants Mall is subject to three ground leases.  The aggregate
annual lease expense for each of the years ended December 31, 1995 and 1994,
were $160,424 and $160,249, respectively.  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.


Note H - Ground Lease (continued)

As of December 31, 1995, the aggregate minimum rental payments under the land
leases are as follows:

                1996                       $  160,424
                1997                          160,424
                1998                          160,424
                1999                          160,424
                2000                          160,424
             Thereafter                     4,378,250
                                                  
                                           $5,180,370


Note I - Abandonment of Limited Partnership Units

In 1994, the number of Limited Partnership Units decreased by 40 units due to
limited partners abandoning their units.  In abandoning his or her Limited
Partnership Units, 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.

In 1994, the loss 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.  There were no abandonments in 1995.


Note J - Adjustment in Recording Equity Interests in Net Liabilities of Joint
Ventures

In the fourth quarter of 1995 the Partnership became aware of an overstatement
in the recorded amount of equity interests in the net liabilities of joint
venture due to an error in recording the equity interest in the loss of Fort
Worth in 1993.  The statement of changes in partners' deficit has been
restated, resulting in a decrease in the deficit of $2,485,102.  The
adjustment had no effect on the net loss for the year ended December 31, 1994. 
The adjustment also had no effect on the taxable amounts reported to the
partners in the Partnership.

                                       
Item 8.     Changes in and Disagreements with Accountant on Accounting and
            Financial Disclosures

   There were no disagreements with Ernst & Young LLP regarding the 1995 or
1994 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 name of the directors and executive officers of Angeles Realty
Corporation II ("ARC II"), the Partnership's General Partner as of December
31, 1995, their age and the nature of all positions with ARC II presently held
by them are as follows:

Name                                Age                  Position

Carroll D. Vinson                   55                   President

Robert D. Long, Jr.                 28                   Controller and
                                                         Principal Accounting
                                                         Officer

William H. Jarrard, Jr.             49                   Vice President

John K. Lines                       36                   Secretary

Kelley M. Buechler                  38                   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.  He is a graduate of the University of
Memphis.

William H. Jarrard, Jr. is Managing Director - Partnership Administration of
Insignia Financial Group, Inc. ("Insignia").  During the five years prior to
joining Insignia in 1991, he served in a similar capacity for U.S. Shelter. 
He was previously associated with the accounting firm, Ernst & Whinney, for
eleven years.  Mr. Jarrard is a graduate of the University of South Carolina
and a certified public accountant.

John K. Lines has been General Counsel and Secretary of Insignia since June
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 Insignia.  During the five years
prior to joining Insignia in 1991, she served in a similar capacity for U.S.
Shelter.  Ms. Buechler is a graduate of the University of North Carolina.


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, 1996, 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, 1995, and December 31, 1994, 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, 1996


                                   
     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                 March 27, 1996 
Carroll D. Vinson


/s/Robert D. Long, Jr.         Controller and            March 27, 1996 
Robert D. Long, Jr.            Principal 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

                      ANGELES INCOME PROPERTIES, LTD. IV


                                 Exhibit Index


    Exhibit Number                           Description of Exhibit
           

           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.

             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.



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