UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Form 10-QSB/A

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

                     For the quarterly period ended September 30, 2002


[ ]   TRANSITION REPORT UNDER 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)


<PAGE>



This document amends the Form 10-QSB for the quarter ended September 30, 2002 to
properly state the Partnership's cash status during its liquidation.


                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS



                             ANGELES INCOME PROPERTIES, LTD. IV

                  CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                 (in thousands)

                               September 30, 2002



Assets
  Cash and cash equivalents                                        $ 73
                                                                     73
Liabilities
  Accrued legal and other liabilities                                121
                                                                     121

Net liabilities in liquidation                                    $ (48)


                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)
                Nine months ended September 30, 2002 and For the
                period from August 23 through September 30, 2001





<TABLE>
<CAPTION>



                                                               Nine Months      Period From
                                                                  Ended         August 23 -
                                                              September 30,    September 30,
                                                                   2002             2001

<S>                                                               <C>              <C>
     Net liabilities in liquidation at beginning of period        $ (130)          $ (127)

     Changes in net liabilities in liquidation attributed to:
        Decrease in cash and cash equivalents                        (39)            (165)
        (Decrease) increase in receivables and deposits             (257)              50
        (Decrease) increase in restricted escrows                   (607)              61
        Decrease in other assets                                     (19)              --
        Decrease in investment in properties                     (11,840)              --
        Decrease (increase) in accounts payable                       87              (86)
        Decrease in tenant security deposits                          10               --
        Decrease in accrued property taxes                            98               --
        Decrease in other liabilities                                 92              112
        Decrease in mortgage note payable                         12,557               28

     Net liabilities in liquidation at end of period               $ (48)          $ (127)



                See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>





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



<TABLE>
<CAPTION>



                                                     Period From            Period From
                                                 July 1 - August 22,  January 1 - August 22,
                                                        2001                   2001
Revenues:
<S>                                                     <C>                   <C>
   Rental income                                        $ 504                 $ 2,031
   Other income                                             48                     69
      Total revenues                                       552                  2,100

Expenses:
   Operating                                               241                    956
   General and administrative                               19                    137
   Depreciation                                            157                    627
   Interest                                                230                    959
   Property taxes                                           20                     81
   Bad debt expense, net                                    --                     67
      Total expenses                                       667                  2,827

Net loss                                               $ (115)                $ (727)

Net loss allocated to general partner (2%)              $ (2)                  $ (15)

Net loss allocated to limited
   partners (98%)                                         (113)                  (712)
                                                       $ (115)                $ (727)

Net loss per limited partnership unit                  $ (.86)                $ (5.41)



                See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<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)

Distributions to partners                   --            (5)          --         (5)

Net loss for the period ended
   August 22, 2001                          --           (15)        (712)      (727)

Partners' deficit at
   August 22, 2001                     131,585        $ (158)     $(6,650)    (6,808)

Adjustment to liquidation basis                                                6,681

Net liabilities in liquidation
   at August 22, 2001                                                         $ (127)


                See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>





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

<TABLE>
<CAPTION>

                                                                   Period From
                                                              January 1 - August 22,
                                                                            2001
Cash flows from operating activities:
<S>                                                                   <C>
  Net loss                                                            $ (727)
  Adjustments to reconcile net loss to net cash used in
   operating activities:
     Depreciation                                                        627
     Amortization of loan costs and leasing commissions                   41
     Bad debt expense, net                                                67
     Change in accounts:
      Receivables and deposits                                           166
      Other assets                                                       (32)
      Accounts payable                                                   (79)
      Tenant security deposit liabilities                                 (6)
      Accrued property taxes                                             (41)
      Other liabilities                                                   43
         Net cash provided by operating activities                        59

Cash flows from investing activities:
  Property improvements and replacements                                 (11)
  Net deposits to restricted escrows                                    (129)
  Deposit on sale of investment in joint venture                          50
         Net cash used in investing activities                           (90)

Cash flows from financing activities:
  Payments on mortgage note payable                                     (150)
  Distributions to partners                                              (94)
         Net cash used in financing activities                          (244)

Net decrease in cash and cash equivalents                               (275)

Cash and cash equivalents at beginning of period                         625

Cash and cash equivalents at end of period                            $ 350

Supplemental disclosure of cash flow information:
  Cash paid for interest                                              $ 949

A distribution of approximately $89,000 was declared and accrued at December 31,
2000. This distribution was paid during the period ended August 22, 2001.



                See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


                        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.  The  Partnership and
Angeles  Realty  Corporation  II ("ARC  II")  entered  into a  contract  with an
unrelated  third  party  and sold  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,  if the lender had declared 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 had the right to transfer the ownership
interest back to the Partnership and ARC II with the cash being paid back to the
purchaser.

This sale  transaction  was completed on August 22, 2002 upon  completion of the
one year right of rescission.  Management  estimates that the  Partnership  will
terminate on or before December 31, 2002.

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.  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 "Managing
General Partner") as of the date of the consolidated financial statements.

Other   liabilities  in  the  consolidated   statement  of  net  liabilities  in
liquidation  as  of  September  30,  2002  includes   legal,   audit  and  other
administrative  changes  that the Managing  General  Partner  estimates  will be
incurred to liquidate the  Partnership.  The Partnership may not have sufficient
cash reserves to pay all costs attendant to its liquidation.

<PAGE>
Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  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  Managing  General  Partner  received   reimbursement  of
accountable  administrative expenses amounting to approximately $1,000, net of a
refund for prior year payments for the nine months ended  September 30, 2002 and
$65,000  for the  comparable  period in 2001 which is  included  in general  and
administrative expense in 2001.

During 2001, the  Partnership  insured 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
Managing General  Partner.  During the nine months ended September 30, 2001, the
Partnership  was charged by AIMCO and its affiliates  approximately  $21,000 for
insurance coverage and fees associated with policy claims administration.  There
were no such charges for the nine months ended September 30, 2002.

Note C - Adjustment to Liquidation Basis of Accounting

At August 22, 2001,  in accordance  with the  liquidation  basis of  accounting,
assets were adjusted to their  estimated net  realizable  value and  liabilities
were adjusted to their settlement amount. The net adjustment required to convert
to the  liquidation  basis  of  accounting  was an  increase  in net  assets  of
approximately  $6,681,000  which is  included  in the  Statement  of  Changes in
Partners' Deficit/Net Liabilities In Liquidation. The adjustments are summarized
as follows:

                                                                  Increase in
                                                                   Net Assets
                                                                 (in thousands)
 Adjustment from book value of property and
   improvements to estimated net realizable value                   $ 5,190
 Adjustment of mortgage note payable to estimated
   settlement amount                                                  1,970
 Adjustment of other assets and liabilities, net                       (479)
 Net increase in net assets                                         $ 6,681

Note D - 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 Managing  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 Managing  General  Partner  filed a motion  seeking  dismissal of the
action.  In lieu of responding to the motion,  the  plaintiffs  filed an amended
complaint. The Managing 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 Managing  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  Managing  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 Managing 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  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further briefing,  as order by the court, was submitted by the parties. On
July 10, 2002,  the Court  entered an order  vacating the current  trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its entirety through November 7, 2002 so that the parties can
have an  opportunity  to discuss  settlement.  On October  30,  2002,  the court
entered an order extending the stay in effect through January 10, 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 Managing  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 parties are currently in the midst of briefing that appeal.

The Managing  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 Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  The matters discussed
in this report contain certain forward-looking  statements,  including,  without
limitation,  statements regarding future financial performance and the effect of
government regulations. The discussions of the Registrant's business and results
of operations,  including forward-looking statements pertaining to such matters,
do not take into account the effects of any changes to the Registrant's business
and  results of  operations.  Actual  results may differ  materially  from those
described in the forward-looking statements and will be affected by a variety of
risks and factors  including,  without  limitation:  national and local economic
conditions; the terms of governmental regulations that affect the Registrant and
interpretations of those regulations;  the competitive  environment in which the
Registrant  operates;  financing risks,  including the risk that cash flows from
operations  may be  insufficient  to meet  required  payments of  principal  and
interest;  real estate risks, including variations of real estate values and the
general  economic  climate in local markets and  competition for tenants in such
markets; and possible environmental liabilities. Readers should carefully review
the Registrant's financial statements and the notes thereto, as well as the risk
factors  described in the documents the Registrant  files from time to time with
the Securities and Exchange Commission.

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.  The  Partnership and
Angeles  Realty  Corporation  II ("ARC  II")  entered  into a  contract  with an
unrelated  third  party  and sold  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,  if the lender had declared 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 had the right to transfer the ownership
interest back to the Partnership and ARC II with the cash being paid back to the
purchaser.

This sale  transaction  was completed on August 22, 2002 upon  completion of the
one year right of rescission.  Management  estimates that the  Partnership  will
terminate on or before December 31, 2002.

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.  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 "Managing
General Partner") as of the date of the consolidated financial statements.

During the nine months ended  September 30, 2002, net liabilities in liquidation
decreased by  approximately  $82,000 from the year ended December 31, 2001. This
decrease is primarily due to a decrease in mortgage  notes  payable,  investment
property,  restricted escrows and receivables and deposits, as the joint venture
property is no longer included in the net  liabilities in liquidation  since the
one year right of recission has elapsed.

Other   liabilities  in  the  consolidated   statement  of  net  liabilities  in
liquidation  as  of  September  30,  2002  includes   legal,   audit  and  other
administrative  changes  that the Managing  General  Partner  estimates  will be
incurred to liquidate the  Partnership.  The Partnership may not have sufficient
cash reserves to pay all costs attendant to its liquidation.

Factory Merchants Mall

During the nine  months  ended  September  30,  2002,  the  investment  property
completed  approximately  $66,000 of capital  improvements  consisting of tenant
improvements,  parking area improvements and exterior building  painting.  These
improvements were funded from the property's operating cash flow.

The Partnership declared no distributions during the nine months ended September
30,  2002  and  2001.  In  conjunction  with  the  transfer  of  funds  from the
majority-owned  joint venture to the Partnership  during the period ended August
22, 2001,  approximately  $5,000 was  distributed to the general  partner of the
majority-owned joint venture.

Other

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 September 30,
2002. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its affiliates. 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  Managing  General  Partner.  Although  the
Managing  General Partner owes fiduciary  duties to the limited  partners of the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as general  partner,  to the Partnership and its limited  partners may come into
conflict with the duties of the Managing  General  Partner to AIMCO,  as it sole
stockholder.

ITEM 3.     CONTROLS AND PROCEDURES

The principal  executive officer and principal financial officer of the Managing
General Partner, who are the equivalent of the Partnership's principal executive
officer and principal financial officer,  respectively,  have, within 90 days of
the filing date of this quarterly  report,  evaluated the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules  (13a-14(c)  and  (15d-14(c))  and have  determined  that such  disclosure
controls and procedures are adequate.  There have been no significant changes in
the Partnership's internal controls or in other factors that could significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.

<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 Managing  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  Managing  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 Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing 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 Managing  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  Managing  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 Managing 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  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further briefing,  as order by the court, was submitted by the parties. On
July 10, 2002,  the Court  entered an order  vacating the current  trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its entirety through November 7, 2002 so that the parties can
have an  opportunity  to discuss  settlement.  On October  30,  2002,  the court
entered an order extending the stay in effect through January 10, 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 Managing  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 parties are currently in the midst of briefing that appeal.

The Managing  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:

     3.1  Amended  Certificate and Agreement of the Limited Partnership filed in
          Amendment  Number  2 to Form  S-11  dated  April  25,  1985  which  is
          incorporated herein by reference.

     99   Certification  of the Chief  Executive  Officer  and  Chief  Financial
          Officer.

      b) Reports on Form 8-K:

            None filed during the quarter ended September 30, 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
                                          Managing General Partner


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


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: November 22, 2002


<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have  reviewed  this  quarterly  report on Form  10-QSB of  Angeles  Income
Properties, Ltd. IV;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 13, 2002

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive  Vice  President of Angeles Realty
                                    Corporation  II,  equivalent  of  the  chief
                                    executive officer of the Partnership


<PAGE>



                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have  reviewed  this  quarterly  report on Form  10-QSB of  Angeles  Income
Properties, Ltd. IV;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 13, 2002

                                    /s/Paul J. McAuliffe
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer of Angeles  Realty  Corporation  II,
                                    equivalent of the chief financial officer of
                                    the Partnership


<PAGE>


Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report  on Form  10-QSB of  Angeles  Income
Properties,  Ltd.  IV  (the  "Partnership"),  for  the  quarterly  period  ended
September 30, 2002 as filed with the Securities  and Exchange  Commission on the
date hereof (the  "Report"),  Patrick J. Foye,  as the  equivalent  of the chief
executive officer of the Partnership,  and Paul J. McAuliffe,  as the equivalent
of the chief  financial  officer  of the  Partnership,  each  hereby  certifies,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

     (1)  The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Partnership.


                                    /s/Patrick J. Foye
                              Name: Patrick J. Foye
                              Date: November 13, 2002


                                   /s/Patrick J. Foye
                             Name: Paul J. McAuliffe
                             Date: November 13, 2002



This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.