FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                   For the quarterly period ended March 31, 2001


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


                For the transition period from _________to _________

                         Commission file number 0-14283


                         ANGELES INCOME PROPERTIES, LTD. IV
         (Exact name of small business issuer as specified in its charter)



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

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act  during the  preceding  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___



<PAGE>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                         ANGELES INCOME PROPERTIES, LTD. IV
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                                 March 31, 2001
<TABLE>
<CAPTION>



Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   415
   Receivables and deposits, net of allowance
      for doubtful accounts of $118                                              191
   Restricted escrows                                                            533
   Other assets                                                                  353
   Investment property:
      Land                                                    $ 2,414
      Buildings and related personal property                   18,194
                                                                20,608
      Less accumulated depreciation                            (13,577)        7,031

                                                                            $ 8,523
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $ 46
   Tenant security deposit liabilities                                            16
   Accrued property taxes                                                         35
   Other liabilities                                                             226
   Mortgage note payable                                                      14,602

Partners' Deficit
   General partner                                             $ (145)
   Limited partners (131,585 units issued and
      outstanding)                                              (6,257)       (6,402)

                                                                            $ 8,523

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

b)

                         ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)

<TABLE>
<CAPTION>


                                                           Three Months Ended
                                                               March 31,
                                                        2001              2000
Revenues:
<S>                                                    <C>                <C>
   Rental income                                       $ 707              $ 930
   Other income                                            10                 22
      Total revenues                                      717                952

Expenses:
   Operating                                              352                397
   General and administrative                              47                 47
   Depreciation                                           235                237
   Interest                                               362                371
   Property taxes                                          31                 40
   Bad debt expense, net                                   16                 14
      Total expenses                                    1,043              1,106

Net loss                                               $ (326)           $ (154)

Net loss allocated to general partner (2%)              $ (7)             $ (3)

Net loss allocated to limited partners (98%)             (319)              (151)

                                                       $ (326)           $ (154)

Net loss per limited partnership unit                 $ (2.42)           $ (1.15)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>


c)

                         ANGELES INCOME PROPERTIES, LTD. IV
               CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                          (in thousands, except unit data)

<TABLE>
<CAPTION>


                                     Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners     Total

<S>                                    <C>             <C>        <C>        <C>
Original capital contributions         131,800         $ 1        $65,900    $65,901

Partners' deficit at
   December 31, 2000                   131,585        $ (138)     $(5,938)   $(6,076)

Net loss for the three months
   ended March 31, 2001                     --            (7)        (319)      (326)

Partners' deficit at
   March 31, 2001                      131,585        $ (145)     $(6,257)   $(6,402)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>


d)

                         ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                              <C>         <C>
  Net loss                                                       $ (326)     $ (154)
  Adjustments to reconcile net loss to net cash (used in)
   provided by operating activities:
     Depreciation                                                   235         237
     Amortization of loan costs and leasing commissions               6          33
     Bad debt expense, net                                           16          14
     Change in accounts:
      Receivables and deposits                                      150         155
      Other assets                                                   16          14
      Accounts payable                                              (54)        (35)
      Accrued property taxes                                        (93)         41
      Other liabilities                                              32         (40)
         Net cash (used in) provided by operating
            activities                                              (18)        265

Cash flows used in investing activities:
  Net deposits to restricted escrows                                (48)        (34)

Cash flows from financing activities:
  Payments on mortgage note payable                                 (55)        (50)
  Distributions to partners                                         (89)         --
         Net cash used in financing activities                     (144)        (50)

Net (decrease) increase in cash and cash equivalents               (210)        181

Cash and cash equivalents at beginning of period                    625       1,170

Cash and cash equivalents at end of period                       $ 415       $1,351

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 357        $ 362

A distribution of approximately $89,000 was declared and accrued at December 31,
2000. This distribution was paid during the three months ended March 31, 2001.

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

e)

                         ANGELES INCOME PROPERTIES, LTD. IV
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying  unaudited  consolidated financial statements of Angeles Income
Properties,  Ltd. IV (the  "Partnership" or "Registrant")  have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements.  In the opinion of Angeles Realty Corporation II ("ARC II"
or the "General  Partner"),  all  adjustments  (consisting  of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three month  period  ended  March 31,  2001,  are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2001. For further  information,  refer to the  consolidated
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the fiscal year ended  December 31, 2000.  The General
Partner  is  a  subsidiary  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Principles of Consolidation

The  consolidated   financial  statements  include  the  Partnership's  majority
interest in a joint venture which owns Factory  Merchants AIP IV, L.P.,  and AIP
IV Factory  GP,  LLC.  The  Partnership  has the  ability  to control  the major
operating and  financial  policies of the joint  venture.  The  Partnership  may
remove the  general  partner of its 99.5% owned joint  venture,  therefore,  the
joint  venture  is  deemed   controlled  and  therefore   consolidated   by  the
Partnership.  No minority  interest  has been  reflected  for the joint  venture
because  minority  interests are limited to the extent of their equity  capital,
and losses in excess of the minority interest equity capital are charged against
the Partnership's interest.  Should the losses reverse, the Partnership would be
credited with the amount of minority  interest losses previously  absorbed.  All
significant interpartnership balances have been eliminated.

Reclassification

Certain 2000 amounts have been classified to conform with the 2001 presentation.

Note B - 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 certain  payments to  affiliates  for
services and  reimbursement of certain expenses incurred by affiliates on behalf
of the Partnership.

The following amounts were paid or accrued to the General Partner and affiliates
during the three months ended March 31, 2001 and 2000:

                                                              2001       2000
                                                              (in thousands)
   Reimbursement for services of affiliates (included
     in operating and general and administrative
     expenses and investment properties)                      $ 28       $ 17


An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $28,000 and $17,000 for the
three months ended March 31, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 28,704 limited partnership
units in the Partnership  representing 21.81% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
limited  partnership  interests in the  Partnership  for cash or in exchange for
units in the operating  partnership of AIMCO either through private purchases or
tender offers. Under the Partnership  Agreement,  unitholders holding a majority
of the Units are  entitled to take action with  respect to a variety of matters,
which would  include  without  limitation,  voting on certain  amendments to the
Partnership  Agreement and voting to remove the General Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General Partner because of its affiliation with
the General Partner.

Note C - Distribution

During the three months ended March 31, 2001, the Partnership paid distributions
of approximately $89,000 from operations,  of which approximately $87,000 ($0.66
per  limited  partnership  unit) is  allocable  to the  limited  partners.  This
distribution  was declared  and accrued as of December  31, 2000.  There were no
distributions declared or paid during the three months ended March 31, 2000.

Note D - Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also establishes  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership has only one reportable  segment.  The General Partner believes that
segment-based disclosures will not result in a more meaningful presentation than
the consolidated financial statements as currently presented.

Note E - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   its  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the General  Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs  filed an amended  complaint.  The General Partner filed demurrers to
the amended complaint which were heard February 1999.
Note E - Legal Proceedings (continued)

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended complaint.  The Court has also scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification  no later  than  June  15,  2001.  The  General  Partner  does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the  Registrant's  business and results of operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment property consists of one commercial property.  The
following  table sets forth the average  occupancy of the property for the three
months ended March 31, 2001 and 2000:

                                         Average Occupancy
Property                                 2001        2000

Factory Merchants Mall                    89%         88%
  Pigeon Forge, Tennessee

Results from Operations

The  Partnership  realized a net loss of  approximately  $326,000  for the three
months ended March 31, 2001 as compared to a net loss of approximately  $154,000
for the comparable period in 2000. The increase in net loss is due to a decrease
in total  revenues  partially  offset by a  decrease  in total  expenses.  Total
revenues  decreased due to decreases in rental and other  income.  Rental income
decreased due to decreased rent revenue and percentage  rent caused by increased
competition in the local market for comparable  commercial  space.  Other income
decreased  primarily  due to  decreased  common  area tenant  reimbursements  at
Factory  Merchants Mall and lower interest income due to a decrease in cash held
in interest  bearing  accounts.  Total  expenses  decreased due to a decrease in
operating   expenses.   Operating  expenses  decreased  due  to  lower  merchant
association dues as the property experienced a decrease in rental income.

Included in general and administrative expenses for the three months ended March
31, 2001 and 2000, are  reimbursements  to the General Partner allowed under the
Partnership  Agreement  associated  with its management of the  Partnership.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market environment of its investment  property to assess the
feasibility of increasing rents,  maintaining or increasing occupancy levels and
protecting the Partnership from increases in expenses. 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.

Liquidity and Capital Resources

At  March  31,  2001,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $415,000  as compared to  approximately  $1,351,000  at March 31,
2000.  For the three  months  ended March 31,  2001,  cash and cash  equivalents
decreased  approximately $210,000 from the Partnership's year ended December 31,
2000.  This  decrease  in cash  and  cash  equivalents  is due to  approximately
$144,000 of cash used in  financing  activities,  approximately  $48,000 of cash
used in investing activities and approximately $18,000 of cash used in operating
activities.  Cash used in financing activities consists of payments of principal
made on the  mortgage  encumbering  Factory  Merchants  Mall  and  payment  of a
distribution  accrued  in the  prior  year.  Cash used in  investing  activities
consists of net  deposits  to  restricted  escrows  maintained  by the  mortgage
lender. The Partnership invests its working capital reserves in interest bearing
accounts.

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 property to adequately maintain the physical assets
and other operating  needs of the Registrant and to comply with Federal,  state,
and local legal and regulatory  requirements.  Capital  improvements planned for
the Partnership's property is detailed below.

Factory Merchants Mall

During the three months ended March 31, 2001, no capital  improvements were made
at Factory Merchants Mall. As the property is currently being marketed for sale,
capital improvements will be made only as needed.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $14,602,000  matures  in October  2006.  If the
property is not sold prior to the mortgage  maturity date,  the General  Partner
will attempt to refinance  such  indebtedness  and/or sell the property prior to
such  maturity  date.  If the  property  cannot  be  refinanced  or  sold  for a
sufficient  amount,  the  Registrant  will risk  losing  such  property  through
foreclosure.

During the three months ended March 31, 2001, the Partnership paid distributions
of approximately $89,000 from operations,  of which approximately $87,000 ($0.66
per  limited  partnership  unit) is  allocable  to the  limited  partners.  This
distribution  was declared  and accrued as of December  31, 2000.  There were no
distributions declared or paid during the three months ended March 31, 2000. The
Registrant's  distribution  policy is reviewed on a quarterly basis. Future cash
distributions  will depend on the levels of net cash generated from  operations,
the  availability  of  cash  reserves,  and the  timing  of the  debt  maturity,
refinancing and/or property sale. There can be no assurance,  however,  that the
Registrant will generate sufficient funds from operations after required capital
expenditures  to permit  distributions  to its partners  during the remainder of
2001 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 28,704 limited partnership
units in the Partnership  representing 21.81% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
limited  partnership  interests in the  Partnership  for cash or in exchange for
units in the operating  partnership of AIMCO either through private purchases or
tender offers. Under the Partnership  Agreement,  unitholders holding a majority
of the Units are  entitled to take action with  respect to a variety of matters,
which would  include  without  limitation,  voting on certain  amendments to the
Partnership  Agreement and voting to remove the General Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General Partner because of its affiliation with
the General Partner.



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   its  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the General  Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs  filed an amended  complaint.  The General Partner filed demurrers to
the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended complaint.  The Court has also scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification  no later  than  June  15,  2001.  The  General  Partner  does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2001.


<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    ANGELES INCOME PROPERTIES, LTD. IV


                                    By:   Angeles Realty Corporation II
                                          General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date: