SECURITIES AND EXCHANGE COMMISSION

                                               WASHINGTON, D.C.  20549

                                                    FORM 10-Q

(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, 1997.
 
                             OR

[ ] 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 33-13375

                         IDS LIFE ACCOUNT RE
                                 OF
                     IDS LIFE INSURANCE COMPANY
                                                                  
         (Exact name of registrant as specified in its charter)


               MINNESOTA                         41-0823832
                                                                
   (State or other jurisdiction of           (I.R.S. Employer
    incorporation or organization)            Identification No.)


      IDS TOWER 10, MINNEAPOLIS, MINNESOTA             55440-0010
                                                                    
    (Address of principal executive offices)           (Zip Code)


Registrant's telephone number, including area code   (612) 671-3309



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for 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      



The Registrant is a separate account of IDS Life Insurance Company (IDS Life)
established pursuant to the insurance laws of the State of Minnesota for the 
purposes of funding real estate variable annuity contracts.  Unless otherwise
specifically noted, the information set forth herein only relates to the 
operations of the Registrant (the "Account") and not to the operations
of IDS Life.


<TABLE>

<CAPTION>


                  PART 1 - FINANCIAL INFORMATION


Item 1. FINANCIAL STATEMENTS
                                         IDS LIFE ACCOUNT RE
                                                         of
                                   IDS LIFE INSURANCE COMPANY

                                              BALANCE SHEETS


                                                                  March 31,          December 31,
                                                                     1997                1996
                                                                  (Unaudited)

                                                              ------------------   ----------------
Assets:
<S>                                                               <C>              <C>        
   Cash                                                           $   166,194      $   102,737
   Investments in securities, at value (Note 1)
       (identified cost $10,593,692)                               10,593,692       10,254,310
   Investments in unconsolidated joint ventures,
       at fair value (cost of $36,022,706 and
       $36,299,366 at March 31, 1997
       and December 31, 1996, respectively)                        23,107,946       23,384,605
   Other assets                                                            --            4,277

                                                              ------------------   ----------------
          Total assets                                             33,867,832       33,745,929

                                                              ==================   ================

Liabilities:
   Payable to IDS Life for:
       Operating expenses                                              59,191           42,340
       Contract terminations                                           14,474            4,793
   Accrued mortality and expense risk fee                              65,496           32,991
   Accrued asset management fee                                        81,871           41,239
   Liabilities related to wholly-owned
    real estate property:
       Accounts payable and other liabilities                              --           79,090

                                                              ------------------   ----------------
          Total liabilities                                           221,032          200,453

                                                              ==================   ================

Contract Owners' Equity:
   Net assets applicable to Variable Annuity
       contracts in accumulation period                            33,646,800       33,545,476

                                                              ==================   ================

Accumulation units outstanding                                     33,678,430       34,144,955

                                                              ==================   ================
Net asset value per accumulation unit                                    1.00             0.98

                                                              ==================   ================


See accompanying notes to financial statements.
</TABLE>

<TABLE>
<CAPTION>

                                                          IDS LIFE ACCOUNT RE
                                                                       of           
                                                     IDS LIFE INSURANCE COMPANY

                                                     STATEMENTS OF OPERATIONS
                                                           (unaudited)





                                                             For the three months ended

                                                            --------------------   ----------------------
                                                                 March 31,               March 31,
                                                                    1997                    1996
                                                            --------------------   ----------------------
Income:
<S>                                                          <C>                        <C>        
    Interest income                                          $   138,137                $    67,380
    Account's equity in earnings of
          unconsolidated joint ventures                          598,261                    506,771
    Rental income                                                     --                    641,538
    Unrealized depreciation of participation
          in mortgage loan                                            --                   (127,844)
    Other income                                                  54,266                         --

                                                            --------------------   ----------------------
               Total income                                      790,664                  1,087,845

                                                            --------------------   ----------------------

Expenses:
    Asset management fee                                         113,414                    146,235
    Mortality and expense risk fee                                90,732                    116,988
    Amortization of deferred organizational
          and borrowing costs                                         --                      6,463
    Other operating expenses                                      23,629                     32,651
    Operating expenses related to
     wholly-owned real estate property:
          Interest                                                    --                    184,203
          Utilities                                                   --                     47,264
          Repairs and maintenance                                     --                     40,745
          Property and other taxes                                    --                     55,846
          Salaries                                                    --                     48,378
          Management fees                                             --                     28,073
          Other                                                       --                     37,852

                                                            --------------------   ----------------------
               Total expenses                                    227,775                    744,698

                                                            --------------------   ----------------------

Net income                                                      $562,889                   $343,147

                                                            ====================   ======================
See accompanying notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>


                                                             IDS LIFE ACCOUNT RE
                                                                     of
                                                      IDS LIFE INSURANCE COMPANY

                                                      STATEMENTS OF CASH FLOWS
                                                               (unaudited)



                                                                                For the three months ended

                                                                      ---------------------    ---------------------
                                                                            March 31,                March 31,
                                                                              1997                     1996

                                                                      ---------------------    ---------------------
Cash flows from operating activities:
<S>                                                                       <C>                      <C>      
    Net Income                                                            $ 562,889                $ 343,147

    Adjustments to reconcile net income to net cash
    used in operating activities:
          Account's equity in earnings of unconsolidated
           joint ventures                                                  (598,261)                (506,771)
          Change in accrued interest on participation
            in mortgage loan                                                     --                   (1,119)
          Amortization of organizational and borrowing costs                     --                    6,463
          Change in unrealized depreciation of
            participation in mortgage loan                                       --                  127,844
          Change in other assets                                              4,277                    2,015
          Change in payable to IDS Life for operating expenses               16,851                   27,778
          Change in accrued mortality and expense risk fee                   32,505                   (3,128)
          Change in accrued asset management fee                             40,632                   (3,910)
          Change in payables and other liabilities related
            to wholly-owned real estate property                            (79,090)                 (52,681)

                                                                      ---------------------    ---------------------
          Total adjustments to net income                                  (583,086)                (403,509)

                                                                      ---------------------    ---------------------
          Net cash used in operating activities                             (20,197)                 (60,362)

                                                                      ---------------------    ---------------------

Cash flows from investing activities:
    Net sales (purchases) of short-term securities                         (339,382)                      --
    Capital improvements to wholly-owned real estate property                    --                  (19,467)
    Distributions received from joint ventures                              874,920                  329,913

                                                                      ---------------------    ---------------------
          Net cash provided by investing activities                         535,538                  310,446

                                                                      ---------------------    ---------------------
Cash flows from financing activities:
    Proceeds from sales of contracts                                          8,426                1,401,464
    Payments for contract terminations                                     (460,310)              (1,517,724)
    Decrease in mortgage payable                                                 --                  (21,726)

                                                                      ---------------------    ---------------------
          Net cash used in financing activities                            (451,884)                (137,986)

                                                                      ---------------------    ---------------------
Net increase in cash                                                         63,457                  112,098
Balance of cash at beginning of year                                        102,737                  586,729

                                                                      ---------------------    ---------------------
Balance of cash at end of period                                            166,194                  698,827


Supplemental cash flow disclosure:
    Cash paid for mortgage interest & revolving loan                             --                  184,203
                                                                      =====================    =====================



See accompanying notes to financial statements.

</TABLE>


                                                   IDS LIFE ACCOUNT RE
                                                   of
                                                   IDS LIFE INSURANCE COMPANY

                                                   March 31, 1997

                                                   NOTES TO FINANCIAL STATEMENTS
                                                     (unaudited)

1.       GENERAL

         In the opinion of the management of IDS Life, the accompanying 
         unaudited financial statements for IDS Life Account RE (the "Account")
         contain all adjustments (consisting of only normal recurring
         adjustments) necessary to present fairly its balance sheets as
         of March 31, 1997 and December 31, 1996; statements of operations for 
         the three months ended March 31, 1997 and 1996; and the statements of 
         cash flows for the three months ended March 31, 1997 and 1996.  These
         statements are condensed and therefore do not include all of the
         information and footnotes required by generally accepted accounting
         principles for complete financial statement disclosure. The statements
         should be read in conjunction with the Account's financial statements
         as of and for the year ended December 31, 1996 and the notes thereto 
         contained in the Account's prospectus dated April 30, 1997.  The 
         results of operations for the three months ended March 31, 1997 are
         not necessarily indicative of the results expected for the full year.


2.       INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

         Unconsolidated Joint Ventures - Summary Information

         Summary information for the Account of its investments in 
         unconsolidated joint ventures for the three months ended
         March 31, 1997 and 1996 is as follows:

                                        For the three months ended
                                                 March 31
                                            1997          1996

      Account's share of net
       investment income from
       unconsolidated joint ventures   $   598,261    $   506,771

      Total net investment income of
       unconsolidated joint ventures   $ 7,276,612    $ 6,653,028

      Total income of unconsolidated
       joint ventures                  $11,293,000    $11,391,000

 


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS


Financial Condition and Results of Operations

For the Three Months Ended March 31, 1997 Compared to the 
Three Months Ended March 31, 1996 -

Net assets increased from $33,545,476 at December 31, 1996 to $33,646,800 at
March 31, 1997. During this same time period, the accumulation unit value
increased from $.98 to $1.00.  The Account experienced net terminations 
amounting to $451,884 for the three months ended March 31,1997 compared to
net terminations of $116,260 for the three months ended March 31, 1996.  The net
terminations for the three months ended March 31, 1996 included approximately 
$1,100,000 for accumulation units purchased by IDS Life, which have been used 
to pay for contract surrenders, as discussed more fully below. In the three
months endeded March 31, 1997, IDS Life had not purchased any accumulation
units.

Recorded net income for the three months ended March 31, 1997 was $562,889 
compared to $343,147 for the three months ended March 31, 1996.

Interest income represents income earned in 1997 on the Account's investment in 
short-term securities. Interest generated from short-term investments of 
$138,137 for the three months ended March 31, 1997 is due primarily to an 
increase in short term investments. The increase in short term investments is
due primarily to cash received as a result of (i) the payoff of the
Riverpoint mortgage loan receivable in December 1996 and (ii) the sale of the
West Springfield apartments in September 1996.

Interest income for the three months ended March 31, 1996 primarily represented
income earned on the Account's investment in the participation in a mortgage 
loan (Riverpoint Shopping Center). For the three months ended March 31, 1996, 
the Account recognized net unrealized depreciation of participation in mortgage
loan of $127,844 as a result of lower effective rents achieved upon
releasing the center.

For the three months ended March 31, 1997, the Account's recorded equity in
earnings of its unconsolidated joint ventures (N/S Associates, Monmouth 
Associates and 1225 Connecticut) was $598,261, compared to $506,771 for the 
three months ended March 31, 1996. The increase is due primarily to 
(i) an increase in interest income earned by Monmouth Associates. The increase 
in earnings was partially offset by lower rental income achieved at Southridge 
and Northridge Malls due to lower effective rents.

In addition, the Account recorded rental income of $0 for the three months 
ended March 31, 1997 from its wholly-owned real estate investment, West 
Springfield Terrace Apartments, compared to $641,538 for the three months ended 
March 31, 1996, due to the sale of its wholly-owned real estate investment in 
September 1996. Expenses related to the wholly-owned real estate investment
totaled $0 for the three months ended March 31, 1997 compared to $442,361 for 
the corresponding period in 1996.

Northridge Mall continues to be adversely affected by the perception that it is
an unsafe place to shop.  This perception has resulted in declining sales and 
occupancy over a three-year period. Compounding the problem of declining sales
are the high operating costs for tenants at the mall. Occupancy has also been
affected by tenant bankruptcies over the past years. As of March 31, 1997, 
occupancy of the mall shops was approximately 73%, including temporary tenants
under short term leases.

To counter the negative perception of Northridge Mall, N/S Associates has 
implemented certain capital improvements and operational programs to improve
the shopping center's safety and appearance, as well as instituted certain 
marketing and public relation efforts to enhance its image.  Certain recent
positive sales trends appear to indicate a modest improvement; however,
elimination of the negative perception is expected to take some time.  In
addition, N/S Associates is seeking to increase occupancy at the shopping 
center by aggressively marketing space for new and renewal tenants through 
leasing incentives, as well as continuing to cooperate with existing tenants 
who need short-term rent reductions in order to retain occupancy of their
space.  Part of the leasing strategy includes targeting certain 
well-recognized retailers as a group that would become tenants at the shopping 
center.  It is expected that the draw of this group of tenants would help the 
shopping center gain leasing momentum and aid in future leasing efforts.

During the first quarter of 1997 occupancy increased 19%. In addition,
comparable sales for the year have also increased approximately 3%. As of 
March 31, 1997, occupancy of Southridge Mall which is owned by N/S Associates 
was approximately 95%, including temporary tenants under short-term leases.

The Account paid asset management and mortality expense risk fees of $204,146 
and $263,223 for the three months ended March 31, 1997 and 1996, respectively.


Liquidity and Capital Resources

For the Three Months Ended March 31, 1997 Compared to the Three Months Ended 
March 31, 1996 -

At March 31, 1997, the Account had cash of approximately $166,000 as compared 
to approximately $103,000 at December 31, 1996. The Account had experienced net 
contract terminations in 14 consecutive quarters with net sales (including 
accumulation units purchased by IDS Life) in three of the last four quarters.

The liquidity requirements of the Account have generally been met by funds 
provided from the Account's short-term investments, cash distributions from
unconsolidated joint ventures, operating cash flow, interest income, proceeds
from the sale of West Springfield Terrace apartments, the loan repayment from 
Riverpoint Center, proceeds from sales of contracts, and borrowings under the 
line of credit from IDS Life and purchases of accumulation units by IDS Life
discussed below.  The primary uses of funds currently are expected to be for
asset management and mortality and expense risk fees and payments for contract
terminations and redemption units held by IDS Life.

Effective May 1, 1995, new contract sales of the Account were discontinued.  
Additional purchase payments continue to be accepted for existing contracts in
amounts specified in the Account's prospectus, whether by means of the
previously established bank authorizations or otherwise. Existing contracts
also continue to be serviced and surrender requests will be honored.

IDS Life has purchased accumulation units in order to maintain the Account and 
its liquidity. IDS Life made these payments so that no contract holder would be
disadvantaged because sales of new contracts have been discontinued.  The 
initial payments for accumulation units that IDS Life made into the Account 
were used to pay off the amount that the Account had borrowed under its
revolving line of credit. As of March 31, 1997, IDS Life had purchased
approximately 26,700,000 accumulation units.

By purchasing accumulation units, IDS Life has an ownership interest in the 
Account.  Since IDS Life does not purchase a contract, it is not subject to 
surrender charges.  However, IDS Life, as holder of accumulation units, 
participates in the increase or decrease in the value of the Account's
investments just as other owners of accumulation units do.  IDS Life may 
realize a gain or loss on its accumulation units when redeemed.

IDS Life currently expects to hold the accumulation units it purchases until 
the surrender of all outstanding contracts or until the Account's liquidity
improves (through, for example, one or more sales of real estate related 
investments) thereby permitting the Account to satisfy its anticipated contract
obligations.  Because IDS Life may purchase a significant amount of
accumulation units, IDS Life may be subject to certain conflicts of interest it
would not otherwise have if it had not purchased such accumulation units, 
including, among other things, a conflict in approving periodic valuations of 
real estate investments made by the Investment Adviser.

Since the Account has experienced substantial net contract terminations over 
the past several years, the Account does not intend to acquire additional real
estate related investments. During 1996, the Account liquidated two real estate
related investments. Further, the Account intends to liquidate the real estate 
related investments that it currently holds when it becomes advantageous or 
necessary to do so.  To the extent funds of the Account are not used to pay
obligations of the Account, including those under existing contracts, or the 
redemption of accumulation units purchased by IDS Life, such funds will be
invested in short-term debt instruments and possibly intermediate-term bonds 
with maturities of up to five years.

Through March 31, 1997, Monmouth Associates had funded approximately 
$23,750,000 of the renovation loan (which excludes $1.3 million of construction
loan interest) for Monmouth Mall. Fundings of principal on the loan have been 
made from cash reserves held by Monmouth Associates, cash flow from interest 
and ground rent payments received from the borrower/lessee and capital
contributions made to Monmouth Associates by its partners pro rata based upon
their respective interests.  The aggregate amount of capital contributions to
finance the loan is approximately $9,830,000.  The Account's share of these
capital contributions is approximately $685,000.  The aggregate amount of the
renovation loan, including accrued and deferred interest of approximately
$1,300,000, is currently expected to be approximately $26,989,000. Remaining 
fundings for the renovation loan are expected to be made from cash flow and 
funds currently held by Monmouth Associates.  Monmouth Associates may also be 
required to make certain additional loans to pay a portion of the costs of 
certain tenant improvements or other ordinary capital expenditures.  In
addition, Monmouth Associates may provide additional financing to the
borrower/lessee in order to pay costs to be incurred in connection with the 
replacement of a department store tenant at Monmouth Mall.  However, it is not
currently expected that this would occur during 1997.

The renovation is nearing completion with tenant improvement work for one of
the larger tenants and retainage work remaining.  The occupancy of mall shops 
and outparcel space at the shopping center as of March 31, 1997 was 
approximately  84%.  However, the mall shops and outparcel space are 
approximately  86% leased. Leasing and occupancy at the shopping center have 
been adversely affected by tenant bankruptcies occurring over the past several 
years.

N/S Associates currently expects that it will incur approximately $2,090,000 
in 1997 for tenant improvement, asbestos removal and other capital items at
Northridge and Southridge Malls.  Actual amounts expended in 1997 may vary 
depending on a number of factors, including actual leasing activity, results 
of property operations, liquidity considerations and market conditions over the
course of the year.  N/S Associates undertakes asbestos removal from time to 
time at portions of the Northridge and Southridge Malls as tenant spaces are 
vacated and prior to occupancy by new tenants.  The cost of tenant 
improvements, asbestos removal and other capital items generally will be 
provided out of cash flows from the properties. N/S Associates expended 
approximately $2,236,000 for tenant improvements, asbestos removal and other 
capital projects in 1996.

At March 31, 1997, real property investments (through two unconsolidated joint 
ventures, N/S Associates and 1225 Connecticut), land sale-leaseback investments
(through an unconsolidated joint venture, Monmouth Associates) and short-term 
investments represented 42.5 percent, 25.7 percent and 31.3 percent
of total assets, respectively.  At March 31, 1996, real property investments, 
mortgage loan and land sale-leaseback investments and short-term investments 
represented 71 percent, 28 percent and 2 percent of total assets, respectively.

                      PART II.  OTHER INFORMATION
                      ---------------------------

Item 1. LEGAL PROCEEDINGS

        There are no material current or pending legal proceedings which the 
        Registrant is a party to, or to which the Registrant's assets are 
        subject.

Item 2. CHANGES IN SECURITIES

        Not applicable

Item 3. DEFAULTS UPON SENIOR SECURITIES

        Not applicable

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        Not applicable

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

        (A) Exhibits

            4.1 Form of Deferred Variable Annuity Contract is hereby
                incorporated herein by reference to Exhibit
                4 to the Account's Form S-1 (as amended), File
                Number 33-13375, filed July 17, 1987.

            4.2 Copy of mortgage loan documents relating to West
                Springfield Terrace Apartments is hereby incorporated
                herein by reference to Exhibit 4.2 to the Account's Form S-1 
                (as amended), File Number 33-13375, filed April 12, 1990.

            4.3 Copy of the line of credit agreement, dated
                March 30, 1994 between IDS Life and the Account (including a
                copy of the executed promissory note, dated March 30, 1994) is 
                hereby incorporated by reference to Exhibit 4.3 to the 
                Account's Form 10-K Report for the year ended December 31, 
                1993, File Number 33-13375, filed April 5, 1994.

           10.1 Copy of Investment Advisory Agreement between IDS Life and JMB
                Annuity Advisors is hereby incorporated herein by reference to 
                Exhibit 10.1 to the Account's Form S-1 (as amended), File Number
                33-13375, filed April 29, 1988.

           10.2 Copy of N/S Associates Joint Venture Agreement together with
                certain documents relating to the purchase of an interest in 
                Northridge Mall is hereby incorporated herein by reference to 
                Exhibit 10.2 to the Account's Form S-1 (as amended), File
                Number 33-13375, filed April 29, 1988.



         10.2.1 Copy of Second Amended and Restated Articles of Partnership of
                N/S Associates hereby incorporated herein by reference to 
                Exhibit 10.2.1 to the Account's Form S-1 (as amended), File 
                Number 33-13375, filed April 20, 1989.

           10.3 Copy of N/S Associates Joint Venture Agreement together with
                certain documents relating to the purchase of an interest in 
                Southridge Mall is hereby incorporated herein by reference to
                Exhibit 10.3 to Form S-1 (as amended), File Number 33-13375, 
                filed April 29, 1988.

           10.4 Copy of Commitment Letter relating to the funding
                of a participating mortgage loan secured by Riverpoint
                Center is hereby incorporated herein by reference to Exhibit 
                10.4 to Form S-1 (as amended), File Number 33-13375, filed 
                October 11, 1988.

           10.5 Copy of Amended and Restated Articles of Partnership of
                Monmouth Associates are hereby incorporated herein by reference 
                to Exhibit 10.5 to the Account's Form S-1 (as amended), File 
                Number 33-13375, filed April 12, 1990.

           10.6 Copy of Agreement together with certain other documents
                relating to the purchase of West Springfield Terrace Apartments
                is hereby incorporated herein by reference to Exhibit 10.6
                to Form S-1 (as amended), File Number 33-13375, filed
                October 16, 1989.

           10.7 Copy of Agreement together with certain documents relating to
                the purchase of an interest in 1225 Connecticut Avenue is 
                hereby incorporated herein by reference to the Account's Form 
                S-1 (as amended), File Number 33-13375, filed June 29, 1990.

           10.8 Copy of Purchase Agreement for the sale of the West
                Springfield Terrace Apartment is hereby
                incorporated herein by reference to the Accounts
                Report on Form 10-Q (File No. 33-13375) for
                September 30, 1996 dated November 14, 1996.

           27.1 Financial Data Schedule of the Account for the period ended
                March 31, 1997 is filed herewith.

        (B) Report on Form 8-K

            No reports on Form 8-K were required to be filed by the Registrant 
            for the three months ended March 31, 1997


                           SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized.


                         IDS LIFE ACCOUNT RE
                                 of
                      IDS LIFE INSURANCE COMPANY
                                                
                             (Registrant)




Date:  May 13, 1997                       /S/ Melinda Urion   
                                           Melinda S. Urion
                                           Executive Vice President
                                                and Controller