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, 1999

[  ] 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                          (IRS 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 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)

                                 March 31, 1999

  
Assets

  Cash and cash equivalents                                          $  3,356

Receivables and deposits, net of $204 allowance for

    doubtful accounts                                                     495

  Restricted escrows                                                      493

  Other assets                                                            682

  Investment properties:

     Land                                                 $   2,708

     Buildings and related personal property                 20,883

                                                             23,591

     Less accumulated depreciation                          (13,914)    9,677

                                                                     $ 14,703

Liabilities and Partners' Capital (Deficit)

Liabilities

  Accounts payable                                                   $     17

  Tenant security deposit liabilities                                       7

  Accrued property taxes                                                   54

Other liabilities                                                         152

  Mortgage note payable                                                15,008


Partners' Capital (Deficit)

  General partner's                                       $  (1,150)

  Limited partners' (131,585 units issued

and outstanding)                                                615      (535)

                                                                     $ 14,703


          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

                                                        March 31,

                                                    1999           1998

Revenues:

 Rental income                                   $    936       $  1,057

 Other income                                          55            100

     Total revenues                                   991          1,157

Expenses:

 Operating                                            438            447

 General and administrative                            45             48

 Depreciation                                         269            264

 Interest                                             376            378

 Property taxes                                        60             50

     Total expenses                                 1,188          1,187


Net loss                                         $   (197)      $    (30)


Net loss allocated to general partner (2%)       $     (4)      $     (1)

Net loss allocated to limited partners (98%)         (193)           (29)


                                                 $   (197)      $    (30)


Net loss per limited partnership unit            $  (1.47)      $   (.22)


          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)



                                 Limited

                               Partnership   General     Limited

                                  Units      Partner     Partners      Total


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


Partners' (deficit) capital

   at December 31, 1998           131,585   $  (1,146)  $     808    $     (338)


Net loss for the three months

   ended March 31, 1999                --          (4)       (193)         (197)


Partners' (deficit) capital

  at March 31, 1999               131,585   $  (1,150)  $     615    $     (535)


          See Accompanying Notes to Consolidated Financial Statements

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


                                                             Three Months Ended

                                                                 March 31,

                                                              1999       1998

Cash flows from operating activities:

Net loss                                                    $  (197)   $   (30)

  Adjustments to reconcile net loss to net cash

    (used in) provided by operating activities:

Depreciation                                                    269        264

Amortization of loan costs and leasing commissions               29         29

    Change in accounts:

      Receivables and deposits                                  251        108

      Other assets                                               15         19

      Accounts payable                                           10       (105)

      Accrued property taxes                                    (91)       (88)

      Other liabilities                                        (466)       (30)


       Net cash (used in) provided by operating activities     (180)       167


Cash flows from investing activities:

Property improvements and replacements                           --        (88)

  Lease commissions paid                                        (23)       (11)

  Net (deposits to) withdrawals from restricted escrows         (34)       170


       Net cash (used in) provided by investing activities      (57)        71


Cash flows used in financing activities:

Payments on mortgage notes payable                              (44)       (41)


Net (decrease) increase in cash and cash equivalents           (281)       197


Cash and cash equivalents at beginning of period              3,637      3,559


Cash and cash equivalents at end of period                  $ 3,356    $ 3,756


Supplemental disclosure of cash flow information:

  Cash paid for interest                                    $   367    $   371



          See Accompanying Notes to Consolidated Financial Statements



                       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, 1999, are not
necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 1999. 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, 1998.

Principles of Consolidation:  The consolidated financial statements of the
Partnership include its wholly-owned limited partnership interest in Factory
Merchants, AIP IV, L.P. and AIP IV GP, LP.  The Partnership may remove the
general partner of Factory Merchants, AIP IV, L.P. and AIP IV GP, LP; therefore,
the partnerships are controlled and consolidated by the Partnership.  All
significant interpartnership balances have been eliminated.  Minority interest
is immaterial and not shown separately in the financial statements.

Certain reclassifications have been made to the 1998 information to conform to
the 1999 presentation.

NOTE B - TRANSFER OF CONTROL

Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged 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, AIMCO acquired 100% ownership interest in
the General Partner.  The General Partner does not believe that this transaction
will have a material effect on the affairs and operations of the Partnership.

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 payments were made to the General Partner and affiliates during
the three months ended March 31, 1999 and 1998:


                                                          1999        1998

                                                           (in thousands)

  Property management fees (included

    operating expenses)                                  $  --        $  36

  Lease commissions

    (included in other assets)                              --            5

  Reimbursement for services of affiliates

    (included in operating, general and

    administrative expenses, and investment

    properties) (1)                                         27           61


(1)  Included in "Reimbursements for services of affiliates" is approximately
     $28,000 for consulting performed by an affiliate of the General Partner for
     the three months ended March 31, 1998.

During the three months ended March 31, 1998, affiliates of the General Partner
were entitled to varying percentages of gross receipts from all of the
Registrant's commercial properties as compensation for providing property
management services. These services were performed by affiliates of the General
Partner during the three months ending March 31, 1998, and were approximately
$36,000.  Effective October 1, 1998, the effective date of the Insignia Merger
(See "Note B"), these services for the commercial properties were performed by
an unrelated party.

An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $27,000 and $61,000 for the
three months ended March 31, 1999 and 1998, respectively.

NOTE D - SEGMENT REPORTING

Description of the types of products and services from which the reportable
segment derives its revenues:

The Partnership has one reportable segment: commercial properties.  The
Partnership's commercial property segment consists of two retail shopping
centers in Tennessee and Washington.  These properties lease space to a grocery
store chain, various specialty retail outlets and fast food enterprises at terms
ranging from 12 months to 14 years.

Measurement of segment profit or loss:

The Partnership  evaluates performance based on net income.  The accounting
policies of the reportable segment are the same as those of the Partnership as
described in the Partnership's annual report on Form 10-KSB for the fiscal year
ended December 31, 1998.

Factors management used to identify the enterprise's reportable segment:

The Partnership's reportable segment consists of investment properties that
offer similar products and services.  Although each of the investment properties
is managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.

Segment information for the three months ended March 31, 1999 and 1998 is shown
in the tables below (in thousands).  The "Other" column includes partnership
administration related items and income and expense not allocated to the
reportable segment.

1999
                                          Commercial     Other        Totals
Rental income                            $   936      $    --      $   936
Other income                                  25           30           55
Interest expense                             376           --          376
Depreciation                                 269           --          269
General and administrative expense            --           45           45
Segment loss                                (184)         (13)        (197)
Total assets                              11,664        3,039       14,703
Capital expenditures for investment
Properties                                    --           --           --

1998
                                          Commercial     Other        Totals
Rental income                            $ 1,057      $    --      $ 1,057
Other income                                  64           36          100
Interest expense                             378           --          378
Depreciation                                 264           --          264
General and administrative expense            --           48           48
Segment loss                                 (18)         (12)         (30)
Total assets                              12,388        3,486       15,874
Capital expenditures for investment
Properties                                    88           --           88

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, 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 Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and Apartment Investment and Management
Company. 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 were heard during February 1999.
No ruling on such demurrers has been received. The General Partner does not
anticipate that costs associated with this case, if any, will be material to the
Partnership's overall operations.

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. 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").  This case was settled on March 3, 1999.  The
Partnership is responsible for a portion of the settlement costs.  The expense
will not have a material effect on 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 disclosure
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 discussion 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 properties consist of two commercial properties.
The following table sets forth the average occupancy of the properties for the
three months ended March 31, 1999 and 1998:

                                          Average Occupancy
Property                                  1999         1998

Factory Merchants Mall                    92%          93%
 Pigeon Forge, Tennessee

Eastgate Market Place                     99%          96%
 Walla Walla, Washington

Results of Operations

The Partnership's net loss for the three months ended March 31, 1999, was
approximately $197,000, as compared to a net loss of approximately $30,000 for
the corresponding period in 1998.  The increase in net loss was primarily
attributable to a decrease in total revenues, while total expenses remained
constant.

Total revenues decreased due to a decrease in rental income and other income.
Rental income decreased due to an increase in the allowance for doubtful
accounts as well as a decrease in percentage rent.  Percentage rent decreased as
a result of fewer temporary tenants exceeding the minimum thresholds for
collection of percentage rent. These changes were offset by an increase in
market rent and common area maintenance recovery income.  Market rent increased
as a result of an increase in permanent tenants at Factory Merchants Mall and
tenants renewing at higher rates.  Common area maintenance recovery increased as
a result of charges to the new permanent tenants.  While total expenses remained
constant, the decrease in operating expense was offset by an increase in
property tax expense.  Operating expenses decreased slightly resulting from a
decrease in administrative expenses partially offset by an increase in common
area maintenance expenses primarily at Factory Merchants Mall. Property taxes
increased for the period ended March 31, 1999, as a result of an underaccrual
for taxes at March 31, 1998, at Factory Merchants Mall due to an increase in the
tax rate.

Included in general and administrative expenses for the three months ended March
31, 1999 and 1998 are reimbursements to the Managing 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 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.

Liquidity and Capital Resources

At March 31, 1999, the Partnership had cash and cash equivalents of
approximately $3,356,000, compared to approximately $3,756,000 at March 31,
1998.  For the three months ended March 31, 1999, cash and cash equivalents
decreased approximately $281,000 from the Partnership's year ended December 31,
1998.  This decrease in cash and cash equivalents is due to approximately
$180,000 of cash used in operating activities approximately $57,000 of cash used
in investing activities and approximately $44,000 of cash used in financing
activities.  Cash used in investing activities consists of net deposits to
restricted escrows maintained by the mortgage lender and lease commissions paid.
Cash used in financing activities consists of payments of principal made on the
mortgage encumbering Factory Merchants Mall.  The Partnership invests its
working capital reserves in a money market account.

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 Registrant and to comply with Federal,
state, and local legal and regulatory requirements.  Capital improvements
planned for each of the Partnership's properties are detailed below.

Eastgate Marketplace

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the General Partner on
interior improvements, it is estimated that the property requires approximately
$2,000 of capital improvements over the near-term.  The Partnership has budgeted
capital improvements of $7,000 for 1999 which includes, but is not limited to,
tenant improvements.  As of March 31, 1999, no capital improvements have been
performed.

Factory Merchants Mall

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the General Partner on
interior improvements, it is estimated that the property requires approximately
$33,000 of capital improvements over the near-term.  The Partnership has
budgeted capital improvements of $33,000 for 1999 which includes, but is not
limited to, tenant and building improvements.  As of March 31, 1999, no capital
improvements have been performed.

The capital improvements planned for 1999 at the Partnership's properties will
be made only to the extent of cash available from operations and Partnership
reserves. To the extent that such budgeted capital improvements are completed,
the Partnership's distributable cash flow, if any, may be adversely affected, at
least in the short term.

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 $15,008,000 matures in October 2006.  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.

There were no cash distributions for the three months ended March 31, 1999 or
1998. 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 debt
maturities, refinancings and/or property sales.  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 in
1999 or subsequent periods.

Year 2000 Compliance

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 digits to define the applicable year.  The Partnership
is dependent upon the General Partner and its affiliates for management and
administrative services ("Managing Agent").  Any of the 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.

Over the past two years, 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
not completed in time, the Year 2000 issue could have a material impact on the
operations of the Partnership.

The Managing Agent's plan to resolve Year 2000 issues involves four phases:
assessment, remediation, testing, and implementation.  To date, the Managing
Agent has fully completed its assessment of all the information systems that
could be significantly affected by the Year 2000, and has begun the remediation,
testing and implementation phases on both hardware and software systems.
Assessments are continuing in regards to embedded systems.  The status of each
is detailed below.

Status of Progress in Becoming Year 2000 Compliant, Including Timetable for
Completion of Each Remaining Phase

Computer Hardware:

During 1997 and 1998, the Managing Agent identified all of the computer systems
at risk and formulated a plan to repair or replace each of the affected systems.
In August 1998, the mainframe system used by the Managing Agent became fully
functional. In addition to the mainframe, PC-based network servers, routers and
desktop PCs were analyzed for compliance.  The Managing Agent has begun to
replace each of the non-compliant network connections and desktop PCs and, as of
March 31, 1999, had completed approximately 75% of this effort.

The total cost to the Managing Agent to replace the PC-based network servers,
routers and desktop PCs is expected to be approximately $1.5 million of which
$1.3 million has been incurred to date.  The remaining network connections and
desktop PCs are expected to be upgraded to Year 2000 compliant systems by July
31, 1999.

Computer Software:

The Managing Agent utilizes a combination of off-the-shelf, commercially
available software programs as well as custom-written programs that are designed
to fit specific needs.  Both of these types of programs were studied, and
implementation plans written and executed with the intent of repairing or
replacing any non-compliant software programs.

During 1998, the Managing Agent began converting the existing property
management and rent collection systems to its management properties Year 2000
compliant systems.  The estimated additional costs to convert such systems at
all properties, is $200,000, and the implementation and the testing process is
expected to be completed by July 31, 1999.

The final software area is the office software and server operating systems.
The Managing Agent has upgraded all non-compliant office software systems on
each PC and has upgraded 80% of the server operating systems.  The remaining
server operating systems are planned to be upgraded to be Year 2000 compliant by
August 31, 1999.

Operating Equipment:

The Managing Agent has operating equipment, primarily at the property sites,
which needed to be evaluated for Year 2000 compliance.  In September 1997, the
Managing Agent began taking a census and inventory of embedded systems
(including those devices that use time to control systems and machines at
specific properties, for example elevators, heating, ventilating, and air
conditioning systems, security and alarm systems, etc.).

The Managing Agent has chosen to focus its attention mainly upon security
systems, elevators, heating, ventilating and air conditioning systems, telephone
systems and switches, and sprinkler systems.  While this area is the most
difficult to fully research adequately, management has not yet found any major
non-compliance issues that put the Managing Agent at risk financially or
operationally.  The Managing Agent intends to have a third-party conduct an
audit of these systems and report their findings by July 31, 1999.

Any of the above operating equipment that has been found to be non-compliant to
date has been replaced or repaired.  To date, these have consisted only of
security systems and phone systems.  As of March 31, 1999 the Managing Agent has
evaluated approximately 86% of the operating equipment for the Year 2000
compliance.

The total cost incurred for all properties managed by the Managing Agent as of
March 31, 1999 to replace or repair the operating equipment was approximately
$400,000. The Managing Agent estimates the cost to replace or repair any
remaining operating equipment is approximately $325,000, which is expected to be
completed by July 31, 1999.

The Managing Agent continues to have "awareness campaigns" throughout the
organization designed to raise awareness and report any possible compliance
issues regarding operating equipment within its enterprise.

Nature and Level of Importance of Third Parties and Their Exposure to the Year
2000

The Managing Agent continues to conduct surveys of its banking and other vendor
relationships to assess risks regarding their Year 2000 readiness.  The Managing
Agent has banking relationships with three major financial institutions, all of
which have indicated their compliance efforts will be complete before May 1999.
The Managing Agent has updated data transmission standards with two of the three
financial institutions.  The Managing Agent's contingency plan in this regard is
to move accounts from any institution that cannot be certified Year 2000
compliant by June 1, 1999.

The Partnership does not rely heavily on any single vendor for goods and
services, and does not have significant suppliers and subcontractors who share
information systems (external agent).  To date the Partnership is not aware of
any external agent with a Year 2000 compliance issue that would materially
impact the Partnership's results of operations, liquidity, or capital resources.
However, the Partnership has no means of ensuring that external agents will be
Year 2000 compliant.

The Managing Agent does not believe that the inability of external agents to
complete their Year 2000 remediation 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.

Costs to Address Year 2000

The total cost of the Year 2000 project to the Managing Agent is estimated at
$3.5 million and is being funded from operating cash flows.  To date, the
Managing Agent has incurred approximately $2.8 million ($0.6 million expensed
and $2.2 million capitalized for new systems and equipment) related to all
phases of the Year 2000 project.  Of the total remaining project costs,
approximately $0.5 million is attributable to the purchase of new software and
operating equipment, which will be capitalized.  The remaining $0.2 million
relates to repair of hardware and software and will be expensed as incurred.
The Partnership's portion of these costs are not material.

Risks Associated with the Year 2000

The Managing Agent believes it has an effective program in place to resolve the
Year 2000 issue in a timely manner.  As noted above, the Managing Agent has not
yet completed all necessary phases of the Year 2000 program.  In the event that
the Managing Agent does not complete any additional phases, certain worst case
scenarios could occur.  The worst case scenarios could include elevators,
security and heating, ventilating and air conditioning systems that read
incorrect dates and operate with incorrect schedules (e.g., elevators will
operate on Monday as if it were Sunday).  Although such a change would be
annoying to residents, it is not business critical.

In addition, disruptions in the economy generally resulting from Year 2000
issues could also adversely affect the Partnership.  The Partnership could be
subject to litigation for, among other things, computer system failures,
equipment shutdowns or failure to properly date business records.  The amount of
potential liability and lost revenue cannot be reasonably estimated at this
time.

Contingency Plans Associated with the Year 2000

The Managing Agent has contingency plans for certain critical applications and
is working on such plans for others.  These contingency plans involve, among
other actions, manual workarounds and selecting new relationships for such
activities as banking relationships and elevator operating systems.


                          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, 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 Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and Apartment Investment and Management
Company. 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 were heard during February 1999.
No ruling on such demurrers has been received. The General Partner does not
anticipate that costs associated with this case, if any, will be material to the
Partnership's overall operations.

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. 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").  This case was settled on March 3, 1999.  The
Partnership is responsible for a portion of the settlement costs.  The expense
will not have a material effect on the Partnership's overall operations.

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 March
     31, 1999.




                                   SIGNATURES

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


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


                                       By:  Angeles Realty Corporation II
                                             General Partner

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

                                       By:  /s/ Carla R. Stoner
                                             Carla R. Stoner
                                             Senior Vice President 
                                             Finance and Administration

                                       Date: May 12, 1999