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, 2002


[ ]   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 STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                (in thousands)

                                 March 31, 2002



Assets
  Cash and cash equivalents                                        $ 78
  Receivables and deposits (net of allowance for
   uncollectible accounts of $134)                                   120
  Restricted escrows                                                 655
  Other assets                                                        12
  Investment property                                             11,840
                                                                  12,705
Liabilities
  Accounts payable                                                   103
  Tenant security deposit liabilities                                 10
  Accrued property taxes                                              77
  Other liabilities                                                   96
  Mortgage note payable                                           12,436
  Estimated costs during the period of liquidation                   107
                                                                  12,829

Net liabilities in liquidation                                    $ (124)


         See Accompanying Notes to Consolidated Financial Statements

<PAGE>



                      ANGELES INCOME PROPERTIES, LTD. IV
     CONSOLIDATED STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                (in thousands)
                        Three Months ended March 31, 2002




     Net liabilities in liquidation at December 31, 2001                $ (130)

     Changes in net liabilities in liquidation attributed to:
        Decrease in cash and cash equivalents                              (34)
        Decrease in receivables and deposits                              (137)
        Increase in restricted escrows                                      48
        Decrease in other assets                                            (7)
        Increase in accounts payable                                       (16)
        Decrease in accrued property taxes                                  21
        Increase in other liabilities                                       (7)
        Decrease in mortgage note payable                                  121
        Decrease in estimated costs during the period of
          liquidation                                                       17

     Net liabilities in liquidation at March 31, 2002                   $ (124)

         See Accompanying Notes to Consolidated Financial Statements

<PAGE>



b)

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



                                                              Three Months Ended
                                                                   March 31,
                                                                      2001
           Revenues:
              Rental income                                          $ 707
              Other income                                              10
                 Total revenues                                        717

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

           Net loss                                                 $ (326)

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

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

                                                                    $ (326)

           Net loss per limited partnership unit                   $ (2.42)


         See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                      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>


c)

                      ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                                (in thousands)

                                                              Three Months Ended
                                                                   March 31,
                                                                     2001
Cash flows from operating activities:
  Net loss                                                          $ (326)
  Adjustments to reconcile net loss to net cash used in
   operating activities:
     Depreciation                                                      235
     Amortization of loan costs and leasing commissions                  6
     Bad debt expense, net                                              16
     Change in accounts:
      Receivables and deposits                                         150
      Other assets                                                      16
      Accounts payable                                                 (54)
      Accrued property taxes                                           (93)
      Other liabilities                                                 32
         Net cash used in operating activities                         (18)

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

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

Net decrease in cash and cash equivalents                             (210)

Cash and cash equivalents at beginning of period                       625

Cash and cash equivalents at end of period                          $ 415

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

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

<PAGE>

e)

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


Note A - Basis of Presentation

As of August 22, 2001, Angeles Income Properties,  Ltd. IV (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the sale of its
joint  venture  interest  in its sole  investment  property.  Upon  passing  the
one-year right of rescission under the sale of the  Partnership's  joint venture
interest entered into on August 22, 2001, the Partnership plans to terminate.

The Partnership and Angeles Realty Corporation II ("ARC II") have entered into a
contract  with an  unrelated  third party to sell their  ownership  in the joint
venture that  indirectly  owns Factory  Merchants  Mall. The contract  closed on
August 22, 2001. The  Partnership  received  $49,750 for its 99.5% ownership and
ARC II received $250 for its 0.5% ownership of the joint  venture.  For a period
of one year after the transaction, should the lender declare a default under the
mortgage debt  encumbering  the Factory  Merchants  Mall property as a result of
this transfer or prior act or omission of the lower tier partnership  which owns
the Factory Merchants Mall property, the purchaser has the right to transfer the
ownership  interest back to the  Partnership and ARC II with the cash being paid
back to the purchaser.  Assuming that the  aforementioned  rescission right does
not occur, the Partnership will then be terminated.

This  sale  transaction  will be  complete  upon  the  elapse  of the  right  of
rescission.  Until that time, the purchaser can transfer the ownership  interest
back to the Partnership and ARC II. Therefore, the consolidated statement of net
liabilities  in  liquidation  will include the  operations  of the joint venture
property.  The funds received by the Partnership for its joint venture  interest
are  currently  being  considered a deposit from the purchaser in advance of the
sales  transaction  being completed and are included in other liabilities on the
accompanying statement of net liabilities in liquidation.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of accounting  for its  consolidated  financial  statements at
August 22, 2001, to the liquidation  basis of accounting.  Consequently,  assets
have been valued at estimated net realizable value and liabilities are presented
at their estimated settlement amounts, including estimated costs associated with
carrying out the liquidation of the Partnership and estimated  operations of the
joint  venture  property.  The valuation of assets and  liabilities  necessarily
requires many estimates and assumptions and there are substantial  uncertainties
in carrying out the liquidation. The actual realization of assets and settlement
of liabilities could be higher or lower than amounts indicated and is based upon
estimates  of  ARC  II  (or  the  "General  Partner")  as of  the  date  of  the
consolidated financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
March  31,  2002 is  approximately  $107,000  of cost that the  General  Partner
estimates  will be  incurred  during  the  period  of  liquidation  based on the
assumption that the liquidation process will be completed by September 30, 2002.
If the mortgage  encumbering the joint venture property is refinanced during the
one year right of rescission  period  without the current  mortgage being called
due as the  result  of the  change  in  ownership  of  the  joint  venture,  the
liquidation period will be shorter than currently projected.

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.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $1,000, net of a refund for
prior year  payments,  and $28,000 for the three months ended March 31, 2002 and
2001,  respectively,  which is included in general and administrative expense in
2001.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the  General  Partner.  There were no such fees for the three
months ended March 31, 2002.  During the three months ended March 31, 2001,  the
Partnership  was  charged  by AIMCO and its  affiliates  approximately  $21,000,
respectively,  for  insurance  coverage and fees  associated  with policy claims
administration.

Note C - 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. (the "Nuanes action") 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 series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
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.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court heard argument on the motion and ordered further  briefing after which
time the matter will be taken under submission. The Court has set the matter for
trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint.

The  General  Partner  does not  anticipate  that any  costs,  whether  legal or
settlement  costs,   associated  with  these  cases  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.

<PAGE>
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, 2002 and 2001:

                                         Average Occupancy
Property                                 2002        2001

Factory Merchants Mall                    87%         89%
  Pigeon Forge, Tennessee

Results from Operations

As of August 22, 2001, Angeles Income Properties,  Ltd. IV (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the sale of its
joint  venture  interest  in its sole  investment  property.  Upon  passing  the
one-year right of rescission under the sale of the  Partnership's  joint venture
interest entered into on August 22, 2001, the Partnership plans to terminate.

The Partnership and Angeles Realty Corporation II ("ARC II") have entered into a
contract  with an  unrelated  third party to sell their  ownership  in the joint
venture that  indirectly  owns Factory  Merchants  Mall. The contract  closed on
August 22, 2001. The  Partnership  received  $49,750 for its 99.5% ownership and
ARC II received $250 for its 0.5% ownership of the joint  venture.  For a period
of one year after the transaction, should the lender declare a default under the
mortgage debt  encumbering  the Factory  Merchants  Mall property as a result of
this transfer or prior act or omission of the lower tier partnership  which owns
the Factory Merchants Mall property, the purchaser has the right to transfer the
ownership  interest back to the  Partnership and ARC II with the cash being paid
back to the purchaser.  Assuming that the  aforementioned  rescission right does
not occur, the Partnership will then be terminated.

This  sale  transaction  will be  complete  upon  the  elapse  of the  right  of
rescission.  Until that time, the purchaser can transfer the ownership  interest
back to the Partnership and ARC II. Therefore, the consolidated statement of net
liabilities  in  liquidation  will include the  operations  of the joint venture
property.  The funds received by the Partnership for its joint venture  interest
are  currently  being  considered a deposit from the purchaser in advance of the
sales  transaction  being completed and are included in other liabilities on the
accompanying statement of net liabilities in liquidation.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of accounting  for its  consolidated  financial  statements at
August 22, 2001, to the liquidation  basis of accounting.  Consequently,  assets
have been valued at estimated net realizable value and liabilities are presented
at their estimated settlement amounts, including estimated costs associated with
carrying out the liquidation of the Partnership and estimated  operations of the
joint  venture  property.  The valuation of assets and  liabilities  necessarily
requires many estimates and assumptions and there are substantial  uncertainties
in carrying out the liquidation. The actual realization of assets and settlement
of liabilities could be higher or lower than amounts indicated and is based upon
estimates  of  ARC  II  (or  the  "General  Partner")  as of  the  date  of  the
consolidated financial statements.

During the three months ended March 31, 2002,  net  liabilities  in  liquidation
decreased by  approximately  $6,000 from the year ended December 31, 2001.  This
decrease  is  primarily  due to a  decrease  in cash  and cash  equivalents  and
receivables  and  deposits  which  was  partially  offset by a  decrease  in the
mortgage note payable.

Included in liabilities in the statement of net liabilities in liquidation as of
March  31,  2002 is  approximately  $107,000  of cost that the  General  Partner
estimates  will be  incurred  during  the  period  of  liquidation  based on the
assumption that the liquidation process will be completed by August 22, 2002. If
the mortgage encumbering the joint venture property is refinanced during the one
year right of rescission period without the current mortgage being called due as
the result of the change in  ownership  of the joint  venture,  the  liquidation
period will be shorter than currently projected.

Factory Merchants Mall

During the three months ended March 31, 2002, the investment  property completed
approximately $35,000 of capital improvements consisting of tenant improvements.
These improvements were funded from the property's operating cash flow.

The Partnership  made no  distributions  during the three months ended March 31,
2002 and 2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 28,945 limited partnership units in
the Partnership  representing 22.01% of the outstanding units at March 31, 2002.
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  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. (the "Nuanes action") 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 series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
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.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court heard argument on the motion and ordered further  briefing after which
time the matter will be taken under submission. The Court has set the matter for
trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint.

The  General  Partner  does not  anticipate  that any  costs,  whether  legal or
settlement  costs,   associated  with  these  cases  will  be  material  to  the
Partnership's overall operations.


<PAGE>



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, 2002.


<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: May 14, 2002