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, 2000


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


                For the transition period from _________to _________

                         Commission file number 0-14283

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



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

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

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

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act  during the  preceding  12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___

<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

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

                                 March 31, 2000
<TABLE>
<CAPTION>

Assets
<S>                                                                         <C>
   Cash and cash equivalents                                                $  1,351
   Receivables and deposits, net of $293 allowance
      for doubtful accounts                                                      417
   Restricted escrows                                                            683
   Other assets                                                                  424
   Investment property:
      Land                                                    $  2,414
      Buildings and related personal property                   18,104
                                                                20,518

      Less accumulated depreciation                            (12,639)        7,879

                                                                            $ 10,754

Liabilities and Partners' Deficit
Liabilities
   Tenant security deposit liabilities                                        $    6
   Accrued property taxes                                                        202
   Other liabilities                                                             189
   Mortgage note payable                                                      14,814
Partners' Deficit
   General partner                                             $  (105)
   Limited partners (131,585 units issued and
      outstanding)                                              (4,352)       (4,457)

                                                                            $ 10,754
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

b)

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


                                                    Three Months Ended
                                                         March 31,
                                                   2000             1999
Revenues:
   Rental income                                  $  916           $ 936
   Other income                                       22              55
      Total revenues                                 938             991

Expenses:
   Operating                                         397             438
   General and administrative                         47              45
   Depreciation                                      237             269
   Interest                                          371             376
   Property taxes                                     40              60
      Total expenses                               1,092           1,188

Net income (loss)                                 $ (154)         $ (197)

Net income (loss) allocated
   to general partner (2%)                         $  (3)           $ (4)

Net income (loss) allocated
   to limited partners (98%)                        (151)           (193)

                                                  $ (154)         $ (197)
Net income (loss) per limited
   partnership unit                              $ (1.15)        $ (1.47)

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

c)

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

<TABLE>
<CAPTION>

                                      Limited
                                     Partnership     General     Limited
                                        Units        Partner     Partners     Total

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

Partners' deficit at
   December 31, 1999                   131,585        $ (102)     $(4,201)   $(4,303)

Net income for the three months
   ended March 31, 2000                     --            (3)        (151)      (154)

Partners' deficit at
   March 31, 2000                      131,585        $ (105)     $(4,352)   $(4,457)
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

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

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                      March 31,
                                                                  2000        1999
Cash flows from operating activities:
<S>                                                              <C>         <C>
  Net income (loss)                                              $ (154)     $ (197)
  Adjustments to reconcile net income (loss) to net
   cash provided by (used in) operating activities:
   Depreciation                                                     237         269
   Amortization of loan costs and leasing commissions                33          29
   Change in accounts:
      Receivables and deposits                                      169         251
      Other assets                                                   14          15
      Accounts payable                                              (35)         10
      Accrued property taxes                                         41         (91)
      Other liabilities                                             (40)       (466)

         Net cash provided by (used in) operating
            activities                                              265        (180)

Cash flows from investing activities:
  Lease commissions paid                                             --         (23)
  Net deposits to restricted escrows                                (34)        (34)

         Net cash used in investing activities                      (34)        (57)

Cash flows used in financing activities:
  Payments on mortgage note payable                                 (50)        (44)

Net increase (decrease) in cash and cash equivalents                181        (281)

Cash and cash equivalents at beginning of period                  1,170       3,637

Cash and cash equivalents at end of period                       $1,351      $3,356

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $  362       $ 367
</TABLE>

            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

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,  2000,  are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2000. 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, 1999.

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 consolidated financial statements.

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
has had or 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  reimbursement of certain expenses incurred by affiliates on behalf
of the Partnership.

The following amounts were paid or accrued to the General Partner and affiliates
during the three months ended March 31, 2000 and 1999:

                                                              2000       1999
                                                              (in thousands)
   Reimbursement for services of affiliates
     (included in operating and general and
      administrative expenses and investment properties)      $ 17       $ 27

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $17,000 and $27,000 for the
three months ended March 31, 2000 and 1999, respectively.

AIMCO and its affiliates  currently own 27,432 limited  partnership units in the
Partnership  representing  20.847% of the  outstanding  units. A number of these
units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
It is possible  that AIMCO or its  affiliates  will make one or more  additional
offers to acquire  additional limited  partnership  interests in the Partnership
for cash or in exchange for units in the operating  partnership of AIMCO.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership  of  20.847%  of the  outstanding  units,  AIMCO is in a  position  to
significantly  influence all voting  decisions  with respect to the  Registrant.
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 their
affiliation with the General Partner.

Note D - Distribution

No  distributions  were made  during the three  months  ended March 31, 2000 and
1999.

Note E - Segment Reporting

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

The  Partnership  has  one  reportable  segment:   commercial  properties.   The
Partnership's commercial property segment consists of one retail shopping center
in Tennessee at March 31, 2000. This property leases space to various  specialty
retail outlets and fast food enterprises at terms ranging from 1 to 9 years. The
Partnership's other commercial property was sold on June 16, 1999.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation.  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, 1999.

Segment  information for the three months ended March 31, 2000 and 1999 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.

                  2000                      Commercial        Other       Totals

Rental income                                 $  916          $ --        $ 916
Other income                                      12            10           22
Interest expense                                 371            --          371
Depreciation expense                             237            --          237
General and administrative expense                --            47           47
Segment income (loss)                            120           (37)          83
Total assets                                   9,752         1,002       10,754

<PAGE>

                  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                                    (182)           (15)       (197)
Total assets                                  11,664          3,039      14,703

Note F - 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 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  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 and the Insignia Merger (see
"Note B - Transfer  of  Control").  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  have  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 final court approval, on
behalf of the Partnership and all limited  partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the  Superior  Court of the State of  California,  County of San Mateo,  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 class  plaintiffs'  counsel  to  enter  the
settlement.  On  December  14,  1999,  the General  Partner  and its  affiliates
terminated the proposed  settlement.  Certain  plaintiffs have filed a motion to
disqualify  some of the plaintiffs'  counsel in the action.  The General Partner
does not anticipate that costs associated with this case will be material to the
Partnership's overall operations.

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

<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, 2000 and 1999:

                                         Average Occupancy
Property                                 2000        1999

Factory Merchants Mall                    88%         92%
   Pigeon Forge, Tennessee

The General Partner  attributes the decrease in occupancy to the loss of several
tenants  during the second half of 1999 and to reduced rental footage by several
existing tenants during 1999.

Results from Operations

The  Partnership  realized a net loss of  approximately  $154,000  for the three
months ended March 31, 2000 as compared to a net loss of approximately  $197,000
for the comparable period in 1999. The decrease in net loss for the three months
ended March 31, 2000 is primarily due to a decrease in total  expenses which was
offset by a slight decrease in total revenues. The decrease in total expenses is
due to a decrease  in  operating  and  depreciation  expense.  The  decrease  in
operating  expense  is due to a  decrease  in common  area  expenses  at Factory
Merchants  Mall.  The  decrease in common area expense is due to the decrease in
contract grounds projects. The decrease in total revenues and remaining expenses
is primarily due to the Partnership owning one investment  property at March 31,
2000 as compared to two  investment  properties at March 31, 1999 (Eastgate Mall
was sold on June 16, 1999).  Excluding  the  operations  of Eastgate  Mall,  the
Partnership  had an increase in total revenues and a decrease in total expenses,
primarily  due to a decrease  in  operating  expense  as  discussed  above.  The
increase in total  revenues is due to an  increase  in rental  income  partially
offset by a decrease in other income. The increase in rental income is primarily
due to an increase in percentage  rent and a decrease in bad debt expense.  This
was partially offset by the decrease in occupancy  discussed above. The decrease
in other income is related to decreased late charges and a decrease in cash held
in interest bearing accounts.

Included in general and administrative expenses for the three months ended March
31, 2000 and 1999, are  reimbursements  to the General Partner allowed under the
Partnership  Agreement  associated  with its management of the  Partnership.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market environment of its investment  property to assess the
feasibility of increasing rents,  maintaining or increasing occupancy levels and
protecting the Partnership from increases in expenses. As part of this plan, the
General  Partner  attempts  to  protect  the  Partnership  from  the  burden  of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall occupancy level. However, due to changing market conditions,  which
can  result in the use of rental  concessions  and rental  reductions  to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.

Liquidity and Capital Resources

At  March  31,  2000,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $1,351,000 as compared to  approximately  $3,356,000 at March 31,
1999.  For the three  months  ended March 31,  2000,  cash and cash  equivalents
increased  approximately $181,000 from the Partnership's year ended December 31,
1999.  This  increase  in cash  and  cash  equivalents  is due to  approximately
$265,000 of cash provided by operating  activities which was partially offset by
approximately  $50,000 of cash used in financing  activities  and  approximately
$34,000 of cash used in investing activities.  Cash used in financing activities
consists of payments  of  principal  made on the  mortgage  encumbering  Factory
Merchants Mall. The cash used in investing  activities  consists of net deposits
to restricted escrows maintained by the mortgage lender. The Partnership invests
its working capital reserves in 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 property to adequately maintain the physical asset
and other operating  needs of the Registrant and to comply with Federal,  state,
and local legal and regulatory  requirements.  Capital  improvements planned for
the Partnership's property is detailed below.

Factory Merchants Mall

During the three months ended March 31, 2000, no capital  improvements were made
at Factory Merchants Mall. As the property is currently being marketed for sale,
capital improvements will be made only as needed.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately  $14,814,000  matures in October 2006. The General
Partner  will attempt to refinance  such  indebtedness  and/or sell the property
prior to such maturity date.  Although the property is currently  being marketed
for sale,  there is no guarantee when, or if, a buyer and the Partnership  agree
to terms that are mutually  acceptable  to complete a sale  transaction.  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, 2000 and
1999. The Registrant's  distribution  policy is reviewed on a semi-annual basis.
Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the  timing  of the debt
maturity,  refinancing and/or property sale. There can be no assurance, however,
that the  Registrant  will  generate  sufficient  funds  from  operations  after
required capital expenditures to permit distributions to its partners during the
remainder of 2000 or subsequent periods.

<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEDINGS

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 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  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 and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of  Control").  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 have 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 final court  approval,  on behalf of the Partnership and all
limited partners who own units as of November 3, 1999.  Preliminary  approval of
the  settlement  was obtained on November 3, 1999 from the Superior Court of the
State of  California,  County of San Mateo,  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
class  plaintiffs'  counsel to enter the  settlement.  On December 14, 1999, the
General Partner and its affiliates  terminated the proposed settlement.  Certain
plaintiffs have filed a motion to disqualify some of the plaintiffs'  counsel in
the action.  The General Partner does not anticipate that costs  associated with
this case will be material to the Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2000.

<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: