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 September 30, 1998

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

                 For the transition period_________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, P.O. 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 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


                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)
                       ANGELES INCOME PROPERTIES, LTD. IV

                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                        (in thousands, except unit data)

                               September 30, 1998

Assets
  Cash and cash equivalents                                         $  3,705
  Receivables and deposits, net of $111 allowance for
    doubtful accounts                                                    503
  Restricted escrows                                                     411
  Other assets                                                           749
  Investment properties:
     Land                                                 $  2,708
     Buildings and related personal property                20,874
                                                            23,582
     Less accumulated depreciation                         (13,376)   10,206
                                                                    $ 15,574

Liabilities and Partners' Capital (Deficit)

Liabilities:
  Accounts payable                                                  $     77
  Tenant security deposit liabilities                                      7
  Accrued property taxes                                                 122
  Other liabilities                                                      156
  Mortgage note payable                                               15,096

Partners' Capital (Deficit):
  General partner's                                       $ (1,136)
  Limited partners' (131,585 units issued
     and outstanding)                                        1,252       116
                                                                    $ 15,574
          See Accompanying Notes to Consolidated Financial Statements

b)
                       ANGELES INCOME PROPERTIES, LTD. IV

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


                                 Three Months Ended    Nine Months Ended
                                   September 30,            June 30,
                                   1998       1997       1998       1997
Revenues:
 Rental income                   $ 1,115   $  1,068    $ 3,178   $  3,117
 Other income                         65         56        227        166
   Total revenues                  1,180      1,124      3,405      3,283

Expenses:
 Operating                           428        455      1,347      1,264
 General and administrative          228         90        339        275
 Depreciation                        271        261        807        774
 Interest                            378        381      1,134      1,146
 Property taxes                       50         55        149        163
   Total expenses                  1,355      1,242      3,776      3,622

Loss before equity in income
of joint venture and
extraordinary item                  (175)      (118)      (371)      (339)
Equity in income of joint
venture                               --          3         --      9,180

(Loss) income before
  extraordinary item                (175)      (115)      (371)     8,841
Equity in extraordinary gain
  on debt extinguishment of
  joint venture                       --         --         --      4,925
Net (loss) income                $  (175)  $   (115)   $  (371)  $ 13,766

Net (loss) income allocated
 to general partner (2%)         $    (3)  $     (2)   $    (7)  $    275
Net (loss) income allocated
 to limited partners(98%)           (172)      (113)      (364)    13,491
                                 $  (175)  $   (115)   $  (371)  $ 13,766

Per limited partnership unit:
 (Loss) income before
   extraordinary item            $ (1.31)  $   (.86)   $ (2.77)  $  65.85
 Extraordinary gain                   --         --         --      36.68
 Net (loss) income               $ (1.31)  $   (.86)   $ (2.77)  $ 102.53

          See Accompanying Notes to Consolidated Financial Statements

c)
                       ANGELES INCOME PROPERTIES, LTD. IV

        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (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) capital
   at December 31, 1997             131,585    $  (1,129)  $   1,616   $      487

Net loss for the nine months
   ended September 30, 1998              --           (7)       (364)       (371)

Partners' (deficit) capital
  at September 30, 1998             131,585    $  (1,136)  $   1,252   $      116
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>

d)
                       ANGELES INCOME PROPERTIES, LTD. IV

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                  Nine Months Ended
                                                                    September 30,
                                                                   1998        1997
<S>                                                             <C>         <C>
Cash flows from operating activities:
  Net (loss) income                                              $  (371)    $13,766
  Adjustments to reconcile net (loss) income to net cash
    provided by operating activities:
    Equity in income of joint venture                                 --      (9,180)
    Equity in extraordinary gain on debt extinguishment
      of joint venture                                                --      (4,925)
    Depreciation                                                     807         774
    Amortization of loan costs and leasing commissions                87          77
    Changes in accounts:
      Receivables and deposits                                        45          90
      Other assets                                                   (60)       (170)
      Accounts payable                                               (60)        (72)
      Tenant security deposit liabilities                             --          (2)
      Accrued property taxes                                         (16)        (11)
      Other liabilities                                              (22)        (13)

       Net cash provided by operating activities                     410         334

Cash flows from investing activities:
  Property improvements and replacements                            (214)       (278)
  Net withdrawals from (deposits to) restricted escrows               75        (130)
  Collection on advances to joint venture                             --         457

       Net cash (used in) provided by investing activities          (139)         49

Cash flows used in financing activities
  Payments on mortgage note payable                                 (125)       (115)

Net increase in cash and cash equivalents                            146         268

Cash and cash equivalents at beginning of period                   3,559       3,308

Cash and cash equivalents at end of period                       $ 3,705     $ 3,576

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 1,110     $ 1,121
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>

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") 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 and nine month periods ended September 30, 1998, are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 1998. 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, 1997.

Certain reclassifications have been made to the 1997 information to conform to
the 1998 presentation.

NOTE B - INVESTMENT IN JOINT VENTURE

The Partnership had a 66.7% investment in Northtown Mall Partners ("Northtown").
The Partnership accounted for its investment in Northtown using the equity
method of accounting.  Under the equity method, the Partnership recorded its
equity interest in earnings or losses of the joint venture.

On May 12, 1997, the Partnership sold Northtown Mall to an affiliate of the
lender. The economic closing of the sale of Northtown Mall was as of April 1,
1997.  The sale resulted in net proceeds of approximately $1,200,000, after
payment of closing costs. The gain on the sale amounted to approximately
$16,243,000 and approximately $7,384,000 was recognized as extraordinary gain on
early extinguishment of debt due to the full release of its non-recourse
indebtedness of approximately $51,000,000 as stipulated by the sales agreement.
The joint venture was dissolved in December 1997.

The condensed profit and loss statements for the three and nine months ended
September 30, 1997, for Northtown are as follows (in thousands):

                                       Three Months Ended    Nine Months Ended
                                       September 30, 1997    September 30, 1997
Revenues                                   $      12             $   2,739
Costs and expenses                                (6)               (3,527)
(Loss) gain on sale of investment
  property                                        (5)               16,243

Net income before extraordinary item               1                15,455
Extraordinary gain on early
  extinguishment of debt                          --                 7,384
Net income                                 $       1             $  22,839


The Partnership's equity in the income of the joint venture was approximately
$3,000 and $9,180,000 for the three and nine months ended September 30, 1997,
respectively. For the nine months ended September 30, 1997, the Partnership
recognized approximately $4,925,000 in equity in extraordinary gain on debt
extinguishment of joint venture related to the sale of Northtown Mall.

NOTE C - 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 as reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership.

The following amounts were incurred by the General Partner and affiliates during
the nine months ended September 30, 1998 and 1997 (in thousands):

                                                    1998           1997
Property management fees (included in
 operating expenses)                                $101            $98
Lease commissions (included in other assets
 and operating expenses)                              51             77
Reimbursement for services of affiliates
 (included in operating expenses and
 general and administrative expenses)                115            144

Included in reimbursement for services of affiliates above is approximately
$27,500 for consulting performed by an affiliate of the General Partner for the
nine months ended September 30, 1998.

In addition, approximately $1,000 of construction oversight reimbursements were
paid to the General Partner and its affiliates during the nine months ended
September 30, 1998.

For the period from January 1, 1997 to August 31, 1997, the Partnership insured
its properties under a master policy through an agency affiliated with the
General Partner but with an 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 was later acquired
by the agent who placed the master policy. The agent assumed the financial
obligations to the affiliate of the General Partner which received payment on
these obligations from the agent.  The amount of the Partnership's insurance
premiums that accrued to the benefit of the affiliate of the General Partner by
virtue of the agent's obligations was not significant.

In August 1998, an affiliate of the General Partner (the "Purchaser") commenced
a tender offer for limited partnership interests in the Partnership.  The
Purchaser offered to purchase up to 50,000 of the outstanding units of limited
partnership interest in the Partnership, at $75.00 per Unit, net to the seller
in cash.  This offer has been extended until November 16, 1998.

NOTE D - TRANSFER OF CONTROL; SUBSEQUENT EVENT

On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company  ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the General Partner. In addition, AIMCO also acquired approximately 51% of
the outstanding common shares of beneficial interest of Insignia Properties
Trust ("IPT"), the sole shareholder of the General Partner.  Also, effective
October 1, 1998, IPT and AIMCO entered into an Agreement and plan of Merger
pursuant to which IPT is to be merged with and into AIMCO or a subsidiary of
AIMCO (the "IPT Merger"). The IPT Merger requires the approval of the holders of
a majority of the outstanding IPT Shares. AIMCO has agreed to vote all of the
IPT Shares owned by it in favor of the IPT Merger and has granted an irrevocable
limited proxy to unaffiliated representatives of IPT to vote the IPT Shares
acquired by AIMCO and its subsidiaries in favor of the IPT Merger.  As a result
of AIMCO's ownership and its agreement, the vote of no other holder of IPT is
required to approve the merger.  The General Partner does not believe that this
transaction will have a material effect on the affairs and operations of the
Partnership.


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

The Partnership's investment properties consist of two commercial properties.
The following table sets forth the average occupancy of the properties for the
nine months ended September 30, 1998 and 1997:


                                      Average Occupancy
Property                              1998         1997

Factory Merchants Mall                95%          96%
 Pigeon Forge, Tennessee

Eastgate Market Place                 98%          82%
 Walla Walla, Washington (1)

(1)  The occupancy at Eastgate Market Place increased as a result of the move in
     of an anchor tenant in November 1997.

The Partnership realized a net loss of approximately $175,000 and $371,000 for
the three and nine month periods ended September 30, 1998, versus a net loss of
approximately $115,000 for the three month and net income of approximately
$13,766,000 for the nine month periods ended September 30, 1997.  The decrease
in net income is primarily attributable to the sale of Northtown Mall during the
second quarter of 1997.  Loss before equity income of joint venture increased
for the three and nine months ended September 30, 1998, as compared to the same
period in 1997 due to increases in general and administrative and depreciation
expenses.  Also contributing to the increase in net loss for the nine month
period was an increase in operating expenses; however, for the three month
period, operating expenses decreased compared to the corresponding period in
1997. Partially offsetting the increase in net loss was an increase in revenues
for the three and nine month periods ended September 30, 1998.

Rental revenue increased for the three and nine month periods ended September
30, 1998, compared to the same periods in 1997, primarily as a result of an
increase in occupancy at Eastgate Market Place which was partially offset by a
slight decrease at Factory Merchants Mall. The increase in occupancy at Eastgate
Market Place can be attributed to the addition of an anchor tenant in the fourth
quarter of 1997.  The decrease in rental income at Factory Merchants Mall
results from an increase in temporary tenants that pay rent based upon a
percentage of sales which is below market rent.  In addition, reimbursement for
common area maintenance decreased as a result of the temporary tenants not being
required to pay fees for common area maintenance.  The increase in other income
for the three and nine month periods ended September 30, 1998, as compared to
the same period in 1997 is attributable to an increase in fees collected at
Factory Merchants Mall for lease cancellations, as well as an increase in
interest income due to larger cash balances in interest-bearing accounts.
Operating expenses increased for the nine month period ended September 30, 1998,
primarily as a result of an increase in advertising to attract tenants and
shoppers to Factory Merchants Mall and professional fees paid to assess the
possible redevelopment of the property.  This increase in operating expenses was
partially offset by a decrease in maintenance expenses at Factory Merchants Mall
due to parking lot repairs performed in June 1997.  For the three month period
ended September 30, 1998, operating expenses decreased, as compared to the same
period in 1997, due primarily to a reduction in property administration
expenses.  General and administrative expenses increased due to an increase in
legal fees related to litigation concerning a prior investment in a joint
venture (see Part II. Other Information, "Item 1. Legal Proceedings").
Depreciation expenses increased for the three and nine month periods ended
September 30, 1998, as a result of additional depreciable assets placed in
service resulting from tenant improvement projects at Eastgate Market Place.

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 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.

At September 30, 1998, the Partnership held cash and cash equivalents of
approximately $3,705,000, as compared to approximately $3,576,000 at September
30, 1997.  The increase in cash and cash equivalents for the nine month period
ended September 30, 1998, was approximately $146,000 compared to an increase of
approximately $268,000 for the corresponding period in 1997.  Net cash provided
by operating activities increased primarily due to a decrease in cash used in
other assets as a result of a change in the timing of insurance payments and a
decrease in lease commissions. Net cash used in investing activities increased
in 1998 due to the absence of the collection of advances to the joint venture in
1997.  Net cash used in financing activities increased as a result of an
increase in mortgage principal payments.

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 and to comply with Federal,
state and local legal and regulatory requirements. Such assets are currently
thought to be sufficient for any near-term needs of the Partnership. The General
Partner is currently assessing the need for capital improvements at each of the
Partnership's properties.  To the extent that additional capital improvements
are required, the Partnership's distributable cash flow, if any, may be
adversely affected, at least in the short term.  The mortgage indebtedness of
approximately $15,096,000, which is secured by the Factory Merchants Mall
investment property, matures in October 2006 and carries a stated interest rate
of 9.75%. The General Partner will attempt to refinance such indebtedness or
sell the property prior to such maturity date.  If the property cannot be
refinanced or sold for a sufficient amount, the Partnership will risk losing the
property through foreclosure. The Partnership's Eastgate Market Place is
currently unencumbered.  There were no cash distributions in the first nine
months of 1998 or 1997.  Future cash distributions will depend on the levels of
net cash generated from operations, refinancings, property sales and the
availability of cash reserves.  The Partnership's distribution policy will be
reviewed on a quarterly basis. There can be no assurance, however, that the
Partnership will generate sufficient funds from operations to permit
distributions to its partners in 1998 or subsequent periods.

Transfer of Control; Subsequent Event

On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company  ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the General Partner. In addition, AIMCO also acquired approximately 51% of
the outstanding common shares of beneficial interest of Insignia Properties
Trust ("IPT"), the sole shareholder of the General Partner.  Also, effective
October 1, 1998, IPT and AIMCO entered into an Agreement and plan of Merger
pursuant to which IPT is to be merged with and into AIMCO or a subsidiary of
AIMCO (the "IPT Merger"). The IPT Merger requires the approval of the holders of
a majority of the outstanding IPT Shares. AIMCO has agreed to vote all of the
IPT Shares owned by it in favor of the IPT Merger and has granted an irrevocable
limited proxy to unaffiliated representatives of IPT to vote the IPT Shares
acquired by AIMCO and its subsidiaries in favor of the IPT Merger.  As a result
of AIMCO's ownership and its agreement, the vote of no other holder of IPT is
required to approve the merger.  The General Partner does not believe that this
transaction will have a material effect on the affairs and operations of the
Partnership.

Year 2000

General Description of the Year 2000 Issue and the Nature and Effects of the
Year 2000 on Information Technology (IT) and Non-IT Systems

The Year 2000 Issue is the result of computer programs being written using two

digits rather than four to define the applicable year.  The Partnership is
dependent upon the General Partner and its affiliates for management and
administrative services ("Managing Agent").  Any computer programs or hardware
that have date-sensitive software or embedded chips may recognize a date using
"00" as the year 1900 rather than the year 2000.  This could result in a system
failure or miscalculations causing disruptions of operations, including, among
other things, a temporary inability to process transactions, send invoices, or
engage in similar normal business activities.

The Managing Agent has determined that it will be required to modify or replace
significant portions of its software and certain hardware so that those systems
will properly utilize dates beyond December 31, 1999. The Managing Agent
presently believes that with modifications or replacements of existing software
and certain hardware, the Year 2000 Issue can be mitigated.  However, if such
modifications and replacements are not made, or are not completed timely, the
Year 2000 Issue could have a material impact on the operations of the Managing
Agent and the Partnership.

Status of Progress in Becoming Year 2000 Compliant

The Managing Agent's plan to resolve the Year 2000 Issue involves the following
four phases: assessment, remediation, testing and implementation.  To date, the
Managing Agent has fully completed its assessment of all information systems
that could be significantly affected by the Year 2000, and has begun the
remediation, testing and implementation phase on both hardware and software
systems.  Assessments are continuing in regards to embedded systems in operating
equipment.  The Managing Agent anticipates having all phases complete by June 1,
1999.

In addition to the areas the Partnership is relying on the Managing Agent to
verify compliance with,  the Partnership has certain operating equipment,
primarily at the property sites,  which needed to be evaluated for Year 2000
compliance.  The focus of the General Partner was to the security systems,
elevators, heating-ventilation-air-conditioning systems, telephone systems and
switches, and sprinkler systems. The General Partner is currently engaged in the
identification of all non-compliant operational systems, and is in the process
of estimating the costs associated with any potential modifications or
replacements needed to such systems in order for them to be Year 2000 compliant.
It is not expected that such costs would have a material adverse affect upon
the operations of the Partnership.

Risk Associated with the Year 2000

The General Partner believes that the Managing Agent has an effective program in
place to resolve the Year 2000 issue in a timely manner and has appropriate
contingency plans in place for critical applications that could affect the
Partnership's operations.   To date, the General Partner  is not aware of any
external agent with a Year 2000 issue that would materially impact the
Partnership's results of operations, liquidity or capital resources. However,
the General Partner has no means of ensuring that external agents will be Year
2000 compliant.  The General Partner does not believe that the inability of
external agents to complete their Year 2000 resolution process in a timely
manner will have a material impact on the financial position or results of
operations of the Partnership.  However, the effect of non-compliance by
external agents is not readily determinable.

Other

Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements.  Such forward-looking statements speak only as of the date
of this quarterly report.  The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.


                          PART II - OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS

The Partnership, along with other affiliates, has been named in a suit brought
by a company which owned a 20% interest ("Plaintiff") in an investment property,
the W.T. Waggoner Building, which was sold in 1995.  The W. T. Waggoner Building
was sold by a Joint Venture in which the Partnership held a 43% interest ("Fort
Worth").  The Joint Venture was dissolved subsequent to the sale in 1995.  The
Plaintiff is suing for breach of contract and negligence for mismanagement of
the property.  The General Partner believes that there is no merit in this suit
and intends to vigorously defend it.

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, the General Partner and several of their affiliated
partnerships and corporate entities. The complaint 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 the acquisition by Insignia and entities which were, at
the time, affiliates of Insignia ("Insignia Affiliates") of interests in certain
general partner entities, past tender offers by Insignia Affiliates as well as a
recently announced agreement between Insignia and AIMCO.  The complaint seeks
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
have filed an amended complaint.  The General Partner has filed demurrers to the
amended complaint which are scheduled to be heard on January 8, 1999.  The
General Partner believes the action to be without merit and intends to
vigorously defend it.

On July 30, 1998, certain entities claiming to own limited partnership interests
in certain limited partnerships whose general partners were, at the time,
affiliates of Insignia filed a complaint entitled Everest Properties, LLC, et.
al. v. Insignia Financial Group, Inc., et. al. in the Superior Court of the
State of California, county of Los Angeles. The action involves 44 real estate
limited partnerships (including the Partnership) in which the plaintiffs
allegedly own interests and which Insignia Affiliates allegedly manage or
control (the "Subject Partnerships").  The complaint names as defendants
Insignia, several Insignia Affiliates alleged to be managing partners of the
Subject Partnerships, the Partnership and the General Partner. Plaintiffs allege
that they have requested from, but have been denied by each of the Subject
Partnerships, lists of their respective limited partners for the purpose of
making tender offers to purchase up to 4.9% of the limited partner units of each
of the Subject Partnerships.  The complaint also alleges that certain of the
defendants made tender offers to purchase limited partner units in many of the
Subject Partnerships, with the alleged result that plaintiffs have been deprived
of the benefits they would have realized from ownership of the additional units.
The plaintiffs assert eleven causes of action, including breach of contract,
unfair business practices, and violations of the partnership statutes of the
states in which the Subject Partnerships are organized.  Plaintiffs seek
compensatory, punitive and treble damages. The General Partner filed an answer
to the complaint on September 15, 1998.  The General Partner believes the claims
to be without merit and intends to defend the action vigorously.

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

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to
             this report.

b) Reports on Form 8-K: No reports were filed during the quarter ended
                        September 30, 1998.


                                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 Foye
                                 Patrick Foye
                                 Executive Vice President


                           By:   /s/Timothy R. Garrick
                                 Timothy R. Garrick
                                 Vice President, Accounting
                                 (Duly Authorized Officer)

                           Date: November 13, 1998