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

                                   FORM 10-K

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

   For the fiscal year ended       December 31, 1995                 

                                        OR

   TRANSITION  REPORT  PURSUANT TO  SECTION  13  OR  15(d)  OF THE  SECURITIES
   EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

   For the transition period from                  to                  
   Commission file number              0-11987              
   Krupp Realty Limited Partnership-IV
   (Exact name of registrant as specified in its charter)

   Massachusetts                    04-2772783
   (State or other jurisdiction of  (IRS Employer
   incorporation or organization)  Identification No.)

   470 Atlantic Avenue, Boston, Massachusetts     02210
   (Address of principal executive offices)     (Zip Code)

   (Registrant's telephone number, including area code)  (617) 423-2233 

   Securities registered pursuant to Section 12(b) of the Act:  None

   Securities registered pursuant to Section 12(g) of the Act:
   Units of Investor Limited Partner Interest

   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 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  

   Indicate by check  mark if disclosure of delinquent filers pursuant to Item
   405 of  Regulation S-K is not contained herein, and will  not be contained,
   to the best of registrant's knowledge,  in definitive proxy or  information
   statements incorporated  by reference in Part  III of this Form 10-K or any
   amendment to this Form 10-K. [ ].

   Aggregate market  value of voting securities  held by  non-affiliates:  Not
   applicable, since securities are non-voting.

   Documents incorporated by reference:  Part IV, Item 14

   The exhibit index is located on pages 9-12.
   <PAGE>
                                      PART I

   ITEM 1.    BUSINESS

      Krupp Realty  Limited Partnership-IV ("KRLP-IV") was  formed on December
   1, 1982 by filing a Certificate of Limited Partnership  in The Commonwealth
   of Massachusetts.  The Krupp Corporation, a Massachusetts corporation,  and
   The  Krupp   Company  Limited  Partnership-II,   a  Massachusetts   limited
   partnership, are the General  Partners of KRLP-IV.  KRLP-IV has also issued
   all of the Original Limited Partner  Interests to The Krupp Company Limited
   Partnership-II.  On January 18, 1983, KRLP-IV commenced  the offering of up
   to 30,000 Units  of Investor Limited Partner  Interests (the "Units").   As
   of  March 31, 1983, KRLP-IV had received subscriptions for all 30,000 Units
   at $1,000  per Unit  and therefore,  the public  offering was  successfully
   completed on that date.  For details, see Note A to Consolidated  Financial
   Statements included in Item 8 (Appendix A) of this report.  

      The  primary business of KRLP-IV  is to acquire,  operate and ultimately
   dispose  of real  estate.    KRLP-IV  initially acquired  six  multi-family
   apartment  complexes  (Copper Creek,  Walden  Pond  (formerly  Westbridge),
   Indian  Run, Fenland  Field, Pavillion  and  Tilbury Woods  Apartments),  a
   retail center (Lakeview Plaza) and invested in a  joint venture in Lakeview
   Towers  with  an  affiliated  limited  partnership  (the "Joint  Venture").
   KRLP-IV  considers itself  to be  engaged only in  the industry  segment of
   investment in real estate.

      KRLP-IV  has  sold   Lakeview  Plaza  and   Tilbury  Woods   Apartments.
   Additionally, KRLP-IV received a  terminating capital distribution from the
   Joint  Venture with proceeds  from the  sale of Lakeview Towers.   In 1990,
   the  General  Partners  formed   three  limited  partnerships:    Pavillion
   Partners, Ltd.,  Copper Creek Partners,  Ltd. and Westbridge Partners, Ltd.
   At the same time, the General  Partners transferred ownership of  Pavillion
   Apartments to Pavillion Partners, Ltd., Copper  Creek Apartments to  Copper
   Creek Partners,  Ltd., and Walden Pond  Apartments to Westbridge  Partners,
   Ltd. in exchange for  a 99% limited  partner interest in the new  entities.
   Westcop  Corporation,  an  affiliate  of KRLP-IV,  contributed  a  total of
   $11,216 in cash in  exchange for a 1%  General Partner interest.   KRLP-IV,
   Pavillion  Partners,  Ltd.,  Copper  Creek  Partners,  Ltd. and  Westbridge
   Partners,   Ltd.,  are   collectively   known   as  Krupp   Realty  Limited
   Partnership-IV and  Subsidiaries (collectively  referred to  herein as  the
   "Partnership").   The Partnership  endeavored  to renegotiate  the debt  on
   these   properties,   the   negotiations   were   unsuccessful  and   these
   partnerships subsequently  petitioned for relief  under federal  bankruptcy
   laws.

      Pavillion emerged  from its bankruptcy proceedings  with a restructuring
   of its indebtedness  during 1991.   In 1992, the bankruptcy  court approved
   the plans of reorganization for Copper  Creek Partners, Ltd. and Westbridge
   Partners, Ltd.  Under their respective  plans of reorganization, the  Court
   allowed  the  lender  to  foreclose  on  Copper  Creek  Apartments  and the
   Partnership   received   a   restructuring   of   Walden   Pond  Apartments
   indebtedness (see Note  D to Consolidated Financial Statements included  in
   Item 8 (Appendix A)).

      The Partnership's real  estate investments are subject to  some seasonal
   fluctuations resulting  from changes  in utility  consumption and  seasonal
   maintenance  expenditures.    However,   the  future  performance   of  the
   Partnership <PAGE>
   will depend upon factors which  cannot be predicted.   Such factors include
   general economic  and real  estate market  conditions, both  on a  national
   basis and  in those areas where  the Partnership's  real estate investments
   are located, the availability  and cost of borrowed funds, real estate  tax
   rates,  operating  expenses,   energy  costs,  government  regulations  and
   federal and state income  tax laws.   The requirements for compliance  with
   federal,  state and  local regulations  to  date  have not  had an  adverse
   effect on the Partnership's operations, and  no adverse effect therefrom is
   anticipated in the future.

      The  Partnership's investments in real  estate are also  subject to such
   risks as (i) competition  from existing and  future projects held by  other
   owners  in the locations  of the  Partnership's properties,  (ii)  possible
   reduction  in rental income due to an inability  to maintain high occupancy
   levels, (iii)  possible adverse  changes in mortgage  interest rates,  (iv)
   possible adverse changes in general economic  and local conditions, such as
   competitive  over-building, increases  in unemployment,  or adverse changes
   in real  estate zoning  laws,  (v)  the possible  future adoption  of  rent
   control  legislation which would  not permit  the full  amount of increased
   costs to be  passed on to tenants in  the form of  rent increases, and (vi)
   other circumstances  over  which the  Partnership  may  have little  or  no
   control.

      As  of December  31,  1995, there  were  38 full  and  part-time on-site
   personnel employed by the Partnership.

   ITEM 2.     PROPERTIES

      As  of December  31,  1995, the  Partnership had  an aggregate  of 1,256
   apartment units.

      A summary of  the Partnership's multi-family real estate  investments is
   presented below.
<TABLE>
<CAPTION>
                                                                    Average Occupancy
                                                                   For the Years Ended
                                        Year of                        December 31,       
            Description               Acquisition  Total Units  1995  1994 1993 1992  1991

            <S>                          <C>         <C>        <C>   <C>   <C>  <C>   <C>
            Fenland Field Apartments     1983        234        95%   94%   90%  91%   90%
            Columbia, Maryland

            Indian Run Apartments        1983        256        93%   95%   96%  95%   92%
            Abilene, Texas

            Pavillion Apartments         1983        350        94%   93%   90%  90%   89%
            Garland, Texas

            Walden Pond Apartments       1983        416        93%   97%   92%  82%   90%
            Houston, Texas
                                                   1,256 Units
</TABLE>
   ITEM 3.    LEGAL PROCEEDINGS

              None

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

              None.
   <PAGE>
                                     PART II

   ITEM 5.    MARKET   FOR  THE   REGISTRANT'S  COMMON   EQUITY   AND  RELATED
              STOCKHOLDER MATTERS

      The transfer of Units of Limited Partner Interest  is subject to certain
   limitations  contained in the  Partnership Agreement.   There  is no public
   market for the Units and it is not  anticipated that any such public market
   will develop.

      The number  of Investor  Limited Partners  as of December  31, 1995  was
   approximately 2,000.

      The Partnership made the following distributions  to its Partners during
   the years ended December 31, 1995 and 1994:
<TABLE>
<CAPTION>
                                                    Year Ended December 31,        
                                                 1995                    1994       
                                            Amount   Per Unit      Amount   Per Unit
            Limited Partners:

               Investor Limited Partner
                Interest (30,000 Units
                <S>                        <C>       <C>          <C>        <C>
                outstanding)               $839,859  $28.00       $140,003   $4.67

               Original Limited Partner      35,362                  5,895

            General Partners                  8,841                  1,474

                                           $884,062               $147,372
</TABLE>

   The  Partnership issued  special distributions to the  General Partners and
   Investor Limited Partners during the fourth quarter  of 1992 with a portion
   of the  funds received from  the sale  of the Lakeview Joint  Venture.  The
   Partnership made no distributions during the  years ended December 31, 1991
   and 1993.   Due to improvements in the operations of the properties and the
   availability of  sufficient  cash  flow,  the General  Partners  reinstated
   distributions  in  August,  1994.    These  distributions  are expected  to
   continue in 1996.

   ITEM 6.     SELECTED FINANCIAL DATA

   The following  table sets  forth selected  financial information  regarding
   The  Partnership's  financial  position   and  operating  results.     This
   information should be read in conjunction with Management's Discussion  and
   Analysis  of   Financial  Condition  and  Results  of  Operations  and  the
   Financial Statements and Supplementary Data, which  are included in Items 7
   and 8 of this report, respectively.
   <PAGE>
<TABLE>
<CAPTION>
                              1995           1994         1993         1992        1991

         <S>               <C>           <C>          <C>           <C>         <C>
         Total revenue     $ 7,108,711   $ 6,810,441  $ 6,228,685   $6,203,999  $ 8,365,185

         Loss before gain 
          on sale of 
          property and 
          extraordinary 
          items                (21,628)     (488,936)  (1,468,566)  (1,935,963)  (3,162,518)

         Gain on sale of 
          properties            -              -            -        3,875,915    4,225,136

         Extraordinary 
          items                 -              -            -        2,875,665      498,476

         Net income (loss)     (21,628)     (488,936)  (1,468,566)   4,815,617    1,561,094

          Net income (loss)
           allocated to:

          Investor Limited
          Partners:
           Income (loss) 
            before
            extraordinary 
            items              (20,547)     (464,489)  (1,395,137)   1,997,991     (530,370)
           Per Unit               (.68)       (15.48)      (46.50)       66.60       (17.68)
           Extraordinary 
            items                -             -            -        2,820,848      473,552
           Per Unit              -             -            -            94.03        15.79
           Net income 
            (loss)             (20,547)     (464,489)  (1,395,137)   4,818,839      (56,818)
           Per Unit               (.68)       (15.48)      (46.50)      160.63        (1.89)
          
          Original Limited
          Partner:
           Loss before 
            extraordinary 
            items                 (865)      (19,558)     (58,743)     (77,438)     (22,331)
           Extraordinary 
            items                -             -            -           26,060       19,939
           Net loss               (865)      (19,558)     (58,743)     (51,378)      (2,392)

          General Partners:
           Income (loss) 
            before
            extraordinary 
            items                 (216)       (4,889)     (14,686)      19,399    1,615,319
           Extraordinary 
            items                 -             -            -          28,757        4,985
           Net income   
            (loss)                (216)       (4,889)     (14,686)      48,156    1,620,304
</TABLE>
          
         ITEM 6.  SELECTED FINANCIAL DATA, Continued

         <PAGE>
<TABLE>
<CAPTION>
                                     1995        1994         1993         1992        1991

          Total assets at
           <S>                <C>           <C>          <C>           <C>          <C>
           December 31        $20,859,084   $22,305,143  $24,218,655   $26,040,373  $35,194,993

          Long-term 
           obligations at
           December 31         20,193,607    20,939,499   22,180,186    22,799,284   31,983,670

          Distributions to:

          Investor Limited
           Partners:              839,859       140,003       -          2,000,000         -
            Per Unit                28.00          4.67       -              66.67         -
          
          Original Limited
           Partner                 35,362         5,895       -             -              -         
                
          General 
           Partners                 8,841         1,474       -             20,202         -
</TABLE>
   Operating  results for  the years  1991  through 1992  are not  comparable to
   1993, 1994 and 1995 because:

   1.          Lakeview  Towers was sold  on August  28, 1992,  Copper Creek was
               foreclosed  on  March   3,  1992  and   Walden  Pond's  debt  was
                restructured effective February 28, 1992. 

   2.           Tilbury Woods was sold on August 19, 1991. 

   The  years  1993  through  1995   are  not  necessarily  indicative   of  the
   Partnership's future operations.

   ITEM 7.           MANAGEMENT'S   DISCUSSION   AND   ANALYSIS   OF   FINANCIAL
                     CONDITIONS AND RESULTS OF OPERATIONS

   Liquidity and Capital Resources

      The  Partnership refinanced  Pavillion and  Indian Run  at  lower interest
   rates during  1994.  As  a result  of the lower  rates, the reduced  mortgage
   payments have  provided  additional  liquidity  to  the  Partnership.    This
   additional liquidity assisted the Partnership in  funding $427,000 in capital
   improvements to the properties in 1995, and  anticipated capital improvements
   of  $550,000 for  1996.   These  improvements  consist of  continued interior
   enhancements  which include  the  replacement  of appliances,  carpeting  and
   vinyl flooring.

      Due to improvements in the  operations of the properties and reduced  debt
   service, the  Partnership  had sufficient  cash  flow  in 1994  to  reinstate
   distributions  at a rate of $4.67  per Unit.  In  1995, the distribution rate
   increased to $28.00  per Unit.  In  1996, the distribution rate  is scheduled
   to increase at a rate of $37.33 per Unit.

      The  Partnership's ability to generate cash  adequate to meet its needs is
   dependent  primarily  upon  the  operations  of  its  remaining  real  estate
   investments.  Such ability would also be impacted by the  future availability
   of bank borrowings, and upon the future refinancing and sale of the Partne
   <PAGE>
   rship's  real  estate  investments  and   the  collection  of  any   mortgage
   receivables which  may result from  such sales.   These sources of  liquidity
   will be  used by  the Partnership  for payment  of expenses  related to  real
   estate operations,  capital improvements,  refinancings and  expenses.   Cash
   Flow,  if  any,  as  calculated  under  Section  8.2(a)  of  the  Partnership
   Agreement, will then be available for distribution to the partners.

   Cash Flow

      Shown below is  a calculation of Cash Flow as defined by Section 8.2(a) of
   the Partnership Agreement for  the year ended December 31, 1995.  The General
   Partners provide certain  of the information  below to  meet requirements  of
   the Partnership Agreement and because they believe that  it is an appropriate
   supplemental measure  of operating performance.   However,  Cash Flow  should
   not be considered by the reader  as a substitute to net income (loss), as  an
   indicator of the Partnership's  operating performance or  to cash flows as  a
   measure of liquidity.

<TABLE>
<CAPTION>
                                                           Rounded to $1,000

              <S>                                                  <C>
              Loss for tax purposes                                $ (342,000) 

              Items not requiring (requiring) 
               the use of operating funds:
                 Tax basis depreciation and amortization            1,917,000  
                 Tax basis principal payments on mortgage            (219,000)
                 Expenditures for capital improvements               (427,000)
                 Amounts released from working capital reserves       103,000 

              Cash Flow                                            $1,032,000  

            Operations                                                          
</TABLE>

   1995 versus 1994

   Cash  flow,  as defined  by  Section  8.2(a)  of  the Partnership  Agreement,
   increased due to a 4% increase in rental revenues and a decrease in  interest
   expense of $168,000,  due to the  1994 refinancings of  Pavillion and  Indian
   Run.  The refinancings  of Pavillion and Indian Run have  provided additional
   liquidity to the  Partnership which has  assisted the  funding of  additional
   capital improvements  in 1995 and allowed  the Partnership  to command higher
   rental rates in the properties' prospective markets. 

   Other income  increased due  to an increase  in interest  income on cash  and
   cash equivalents as a result of higher average cash balances.

   The  Partnership  recognized   a  reduction  in  operating  expense   due  to
   management's efforts to reduce reimbursable  costs.  Real estate  tax expense
   increased due to an increase in the assessed value of Walden Pond.

   1994 versus 1993

   Cash  flow,  as defined  by  Section  8.2(a)  of  the Partnership  Agreement,
   increased significantly.   Rental revenue increased  by 10%  primarily due to
   increased <PAGE>
   occupancy  rates  at Fenland,  Pavillion  and  Walden  Pond  and rental  rate
   increases  at   all  the   Partnership's  properties.     The  completion  of
   renovations in  1993 allowed the Partnership  to command  higher rental rates
   and improve occupancy in the properties' prospective markets.  

   As  a result  of the  extensive rehabilitation  programs at  Walden Pond  and
   Pavillion completed in 1993, the  Partnership experienced a 42%  reduction in
   maintenance costs in  1994.  The  completion of  the rehabilitation  programs
   also resulted in an increase in depreciation expense for 1994.

   In  1994,  the   Partnership  successfully  completed  the   refinancings  of
   Pavillion  and Indian  Run.   Both were  refinanced at lower  interest rates.
   The  reduced  debt  service payments  will  provide  additional  liquidity in
   future years.

   General

      In accordance with Financial Accounting Standards No. 121, "Accounting for
   the  Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
   Of", which is effective for  fiscal years beginning after December  15, 1995,
   the  Partnership  has  implemented  policies  and   practices  for  assessing
   impairment of its real estate assets.

      The  investments  in  properties  are  carried  at  cost less  accumulated
   depreciation unless  the  General  Partners believe  there  is a  significant
   impairment in value, in which case a  provision to write down investments  in
   properties to fair value will be charged  against income.  At this  time, the
   General  Partners do  not believe  that  any assets  of  the Partnership  are
   significantly impaired.

   ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

              See Appendix A to this Report.

   ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
              FINANCIAL DISCLOSURE

              None. 

                                      PART III

   ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

   The Partnership has no  directors or executive  officers.  Information as  to
   the  directors and executive  officers of The  Krupp Corporation,  which is a
   General Partner  of both KRLP-IV and  The Krupp  Company Limited Partnership-
   II, the other General Partner of KRLP-IV, is as follows:
   <PAGE>
                                           Position with
             Name and Age                  The Krupp Corporation

             Douglas Krupp (49)            Co-Chairman of the Board
    
             George Krupp (51)             Co-Chairman of the Board
    
             Laurence Gerber (39)          President

  Robert A. Barrows (38)        Senior Vice President and Corporate Controller 

      Douglas  Krupp  is  Co-Chairman  and Co-Founder  of  The  Berkshire Group.
   Established  in 1969  as  the Krupp  Companies,  this real  estate-based firm
   expanded over  the years within its  areas of  expertise including investment
   program  sponsorship,  property  and  asset  management,   mortgage  banking,
   healthcare facility ownership and the management of the Company.   Today, The
   Berkshire  Group  is  an  integrated  real  estate, mortgage  and  healthcare
   company which  is headquartered in  Boston with  regional offices  throughout
   the country.  A staff of 3,400 are  responsible for the more than $4  billion
   under management  for institutional and individual  clients.  Mr. Krupp  is a
   graduate  of Bryant  College.   In  1989 he  received  an honorary  Doctor of
   Science in  Business Administration  from  this institution  and was  elected
   trustee  in 1990.  Mr. Krupp  is  Chairman of  the Board  and  a Director  of
   Berkshire Realty Company, Inc. (NYSE-BRI).   George Krupp is  Douglas Krupp's
   brother.

      George Krupp is  the Co-Chairman  and Co-Founder of  The Berkshire  Group.
   Established  in 1969  as  the Krupp  Companies,  this real  estate-based firm
   expanded over  the years within its  areas of  expertise including investment
   program  sponsorship,  property and  asset  management, mortgage  banking and
   healthcare facility ownership.  Today,  The Berkshire Group is  an integrated
   real  estate,  mortgage  and healthcare  company  which  is  headquartered in
   Boston with regional  offices throughout the country.   A staff of  3,400 are
   responsible for more than $4  billion under management for  institutional and
   individual clients.   Mr. Krupp attended  the University  of Pennsylvania and
   Harvard University.   Mr.  Krupp also  serves as  Chairman of  the Board  and
   Trustee of Krupp Government  Income Trust  and as Chairman  of the Board  and
   Trustee of Krupp Government Income Trust II. 

      Laurence Gerber  is  the  President and  Chief  Executive Officer  of  The
   Berkshire Group.  Prior to  becoming President and Chief Executive Officer in
   1991, Mr.  Gerber  held various  positions  with  The Berkshire  Group  which
   included  overall responsibility  at various  times for:   strategic planning
   and  product  development,   real  estate  acquisitions,  corporate  finance,
   mortgage  banking, syndication and marketing.   Before  joining The Berkshire
   Group  in 1984,  he  was  a management  consultant  with  Bain &  Company,  a
   national consulting firm  headquartered in Boston.   Prior to that, he  was a
   senior   tax  accountant  with  Arthur   Andersen  &  Co.,  an  international
   accounting and consulting  firm.  Mr. Gerber  has a B.S. degree  in Economics
   from the  University of  Pennsylvania, Wharton  School and  an M.B.A.  degree
   with  high distinction  from  Harvard Business  School.   He  is a  Certified
   Public Accountant.   Mr.  Gerber also  serves as  President  and Director  of
   Berkshire  Realty Company,  Inc.  (NYSE-BRI) and    President and  Trustee of
   Krupp Government Income Trust and  President and Trustee of  Krupp Government
   Income Trust II.

   <PAGE>
      Robert A.  Barrows is  the Corporate  Controller of  The Berkshire  Group.
   Mr.  Barrows has  held  several positions  within  The Berkshire  Group since
   joining the company in 1983 and  is currently responsible for accounting  and
   financial  reporting,  treasury,  tax,  payroll  and   office  administrative
   activities.    Prior  to  joining  The  Berkshire  Group,  he  was  an  audit
   supervisor  for Coopers &  Lybrand   L.L.P. in  Boston.   He received  a B.S.
   degree from Boston College and is a Certified Public Accountant.

   ITEM 11.  EXECUTIVE COMPENSATION

      The Partnership has no directors or executive officers.

   ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

      As of  December 31, 1995,  no person of record  owned or was  known by the
      General Partners  to own  beneficially more  than 5%  of KRLP-IV's  30,000
      outstanding Units.  On that date, the General Partners or their affiliates
      owned  100  units (.3% of the  total outstanding) of KRLP-IV,  in addition
      to the General Partner and Original Limited Partner Interests.

   ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      The  Partnership  does  not  have  any  directors, executive  officers  or
      nominees  for  election as  director.   Additionally,  as of  December 31,
      1995, no person of  record owned or was known  by the General Partners  to
      own beneficially more than 5% of the Partnership's outstanding Units.

                                      PART IV

   ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

      (a)    1. Consolidated Financial  Statements -  see Index to  Consolidated
                Financial  Statements  and   Consolidated  Financial   Statement
                Schedule included under Item 8, Appendix A, on page F-2 to  this
                report.

             2. Consolidated   Financial  Statement  Schedule  -  see  Index  to
                Consolidated  Financial  Statements  and Consolidated  Financial
                Statement Schedule  included under Item  8, Appendix A,  on page
                F-2 to this report.  All other schedules are omitted as they are
                not applicable or not required or the information is provided in
                the Consolidated Financial Statements or the Notes thereto.

      (b)    Exhibits:

                Number and Description
                Under Regulation S-K

                The following  reflects all applicable  Exhibits required  under
   Item
                601 of Regulation S-K:

               (4)       Instruments  defining  the rights  of  security holders
                         including indentures:

                    (4.1)        Amended Agreement of  Limited Partnership dated
                                 as of January 12, 1983 [Exhibit A to Prospectus
                                 <PAGE>
                                 included in Registrant's Registration Statement
                                 on Form S-11 (File 2-80650)].*

                    (4.2)        Amended  Certificate   of  Limited  Partnership
                                 filed with the Massachusetts Secretary of State
                                 on      March 31,  1983      [Exhibit  4.2   to
                                 Registrant's Annual  Report on Form 10-K  dated
                                 December 31, 1983 (File No. 2-80650)].*

                (10)      Material Contracts

                   Fenland Field Apartments

                   (10.1)        Management Agreement  dated December  19,  1986
                                 between Krupp Realty Limited Partnership-IV, as
                                 Owner,  and Krupp Asset Management Company, now
                                 known as Berkshire Property Management ("BPM"),
                                 as Agent.  [Exhibit 10.3 to Registrant's Annual
                                 Report  on Form  10-K dated  December  31, 1986
                                 (File No. 0-11987)].*

                   (10.2)        Modification and Restatement of Promissory Note
                                 dated  April  28,  1993  between  Krupp  Realty
                                 Limited Partnership-IV and  John Hancock Mutual
                                 Life  Insurance   Company  [Exhibit   10.2   to
                                 Registrant's Annual  Report on  Form 10-K dated
                                 December 31, 1993 (File No. 0-11987)].*

                   (10.3)        Modification and  Restatement of Indemnity Deed
                                 of Trust and Security Agreement dated April 28,
                                 1993 between  Krupp Realty Limited Partnership-
                                 IV  and  John  Hancock  Mutual  Life  Insurance
                                 Company  [Exhibit 10.3  to  Registrant's Annual
                                 Report  on  Form 10-K  dated December  31, 1993
                                 (File No. 0-11987)].*

                   Indian Run Apartments

                   (10.4)        Management Agreement dated June 2, 1983 between
                                 Krupp Realty  Limited Partnership-IV, as Owner,
                                 and  Krupp Asset Management Company,  now known
                                 as  Berkshire Property  Management  ("BPM"), as
                                 Agent  [Exhibit  10.16  to Registrant's  Annual
                                 Report on  Form 10-K  dated December  31,  1983
                                 (File No. 2-80650)].*

                   (10.5)        Multifamily  Note,   dated  October   25,  1994
                                 between  Bank  United of  Texas  FSB and  Krupp
                                 Realty Limited  Partnership-IV, a Massachusetts
                                 limited partnership. (File No. 0-11987).*

                   (10.6)        Multifamily  Deed of  Trust, dated  October 25,
                                 1994 by Krupp  Realty Limited Partnership-IV, a
                                 Massachusetts limited partnership and  Randolph
                                 C. Henson, as Trustee, and Bank United of Texas
                                 FSB. (File No. 0-11987).*
   <PAGE>

                   Walden Pond Apartments

                    (10.7)       Management Agreement dated June 2, 1983 between
                                 Krupp Realty  Limited Partnership-IV, as Owner,
                                 and Krupp Asset Management  Company, now  known
                                 as  Berkshire Property  Management  ("BPM"), as
                                 Agent  [Exhibit 10.19  to   Registrant's Annual
                                 Report  on Form  10-K dated  December 31,  1983
                                 (File No. 2-80650)].*

                    (10.8)       Certificate    of   Limited    Partnership   of
                                 Westbridge  Partners, Ltd.,  executed  March 1,
                                 1990. [Exhibit  19.9 to  Registrant's Report on
                                 Form  10-Q dated  June  30, 1990  (File  No. 0-
                                 11987)].*

                    (10.9)       Westbridge Partners,  Ltd. Agreement of Limited
                                 Partnership  executed March  1,  1990. [Exhibit
                                 20.1 to Registrant's Report on Form 10-Q  dated
                                 June 30, 1990 (File No. 0-11987)].*

                      (10.10)    Bill  of Sale  Agreement  between  Krupp Realty
                                 Limited Partnership-IV and Westbridge Partners,
                                 Ltd., executed March 1, 1990.  [Exhibit 20.2 to
                                 Registrant's Report on Form 10-Q dated June 30,
                                 1990 (File No. 0-11987)].*

                   (10.11)       Westbridge  Partners, Ltd.  First Amendment  to
                                 Agreement  of   Limited  Partnership,  executed
                                 April 9,  1990.  [Exhibit  20.3 to Registrant's
                                 Report on  Form 10-Q dated June  30, 1990 (File
                                 No. 0-11987)].*

                   (10.12)       Order Granting Motion of First  Boston Mortgage
                                 Capital  Corp.  for  Relief from  the Automatic
                                 Stay  dated January  28,  1992. [Exhibit  C  to
                                 Registrant's Report on  Form 8-K dated March 3,
                                 1992 (File No. 0-11987)].*

                   (10.13)       Modification Agreement dated February  28, 1992
                                 between    Westbridge   Partners,    Ltd.   and
                                 University Mortgage  Acquisition Corp. [Exhibit
                                 10.14 to Registrant's Annual Report on Form 10-
                                 K dated December 31, 1993 (File No. 0-11987)].*

                   (10.14)       Renewal Multifamily  Note  dated  February  28,
                                 1992  between  Westbridge  Partners,  Ltd.  and
                                 University Mortgage  Acquisition Corp. [Exhibit
                                 10.15 to Registrant's Annual Report on Form 10-
                                 K dated December 31, 1993 (File No. 0-11987)].*

                   (10.15)       Renewal  Multifamily Deed of  Trust, Assignment
                                 of  Rents and Security Agreement dated February
                                 28, 1992 by Westbridge Partners, Ltd. and  John
                                 M. Walker,  Jr.,  as  Trustee,  and  University
                                 Mortgage  Acquisition Corp.  [Exhibit 10.16  to
                                 Registrant's <PAGE>
                                 Annual Report  on Form 10-K  dated December 31,
                                 1993 (File No. 0-11987)].*

                   Pavillion Apartments

                   (10.16)       Management Agreement dated June 2, 1983 between
                                 Krupp Realty Limited Partnership-IV,  as Owner,
                                 and Krupp  Asset Management Company, now  known
                                 as  Berkshire Property  Management ("BPM"),  as
                                 Agent [Exhibit  10.25  to  Registrant's  Annual
                                 Report on  Form  10-K dated  December 31,  1983
                                 (File No. 2-80650)].*

 (10.17)Certificate  of  Limited Partnership  of  Pavillion Partners,  Ltd.,
 executed
   March 1, 1990.  [Exhibit 19.1 to Registrant's Report  on Form 10-Q dated June
   30, 1990 (File No. 0-11987)].*

                   (10.18)       Pavillion Partners, Ltd.  Agreement of  Limited
                                 Partnership executed March 1,  1990.   [Exhibit
                                 19.2  to Registrant's Report on Form 10-Q dated
                                 June 30, 1990 (File No. 0-11987)].*

                   (10.19)       Bill of  Sale Agreement  between  Krupp  Realty
                                 Limited Partnership-IV  and Pavillion Partners,
                                 Ltd., executed  March  1, 1990.   [Exhibit 19.3
                                 to Registrant's Report on  Form 10-Q dated June
                                 30, 1990 (File No. 0-11987)].*

                   (10.20)       Pavillion  Partners,  Ltd.  First Amendment  to
                                 Agreement  of   Limited  Partnership,  executed
                                 April  9, 1990.  [Exhibit 19.4  to Registrant's
                                 Report on  Form 10-Q dated June  30, 1990 (File
                                 No. 0-11987)].*

                   (10.21)       Pavillion Partners,  Ltd. Chapter  11 Voluntary
                                 Petition executed  June 4,  1990 in  The United
                                 States  Bankruptcy   Court  for   the  Northern
                                 District  of Texas,  Dallas  Division. [Exhibit
                                 10.51 to Registrant's Annual Report on Form 10-
                                 K for  the year  ended December 31,  1990 (File
                                 No. 0-11987)].*

                   (10.22)       Pavillion   Partners,   Ltd.,  Debtor's   First
                                 Amended Plan of Reorganization executed January
                                 16, 1991 in  The United States Bankruptcy Court
                                 for  the  Northern  District  of Texas,  Dallas
                                 Division. [Exhibit 10.52 to Registrant's Annual
                                 Report on Form 10-K for the year ended December
                                 31, 1990 (File No. 0-11987)].*

                   (10.23)       Promissory  Note  dated April  13, 1994  by and
                                 between  Pavillion Partners,  Ltd.  and Sunlife
                                 Insurance Company of America.  [Exhibit 10.1 to
                                 Registrant's Report on Form 10-Q dated June 30,
                                 1994 (File No. 0-11987)].*
   <PAGE>

                   (10.24)       Promissory Note dated
                                 April 13, 1994 between Pavillion Partners, Ltd.
                                 and  Sunlife   Insurance  Company  of  America.
                                 [Exhibit  10.2 to  Registrant's Report  on Form
                                 10-Q dated June 30, 1994 (File No. 0-11987)].* 

                   * Incorporated by reference.

             (c)   Reports on Form 8-K
                   During the  last quarter of the year ended  December 31, 1995
                   the Partnership did not file any reports on Form 8-K.
   <PAGE>
                                     SIGNATURES

             Pursuant  to  the requirements  of  Section  13  or  15(d)  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, on
   the 21st day of March, 1996.

                         KRUPP REALTY LIMITED PARTNERSHIP-IV

                         By:      The Krupp Corporation a General Partner


                         By:      /s/ Douglas Krupp                          
                                  Douglas Krupp, Co-Chairman (Principal
                                  Executive Officer) and Director of 
                                  The Krupp Corporation

   Pursuant to  the requirements of  the Securities  Exchange Act of  1934, this
   report  has been  signed  below by  the following  persons  on behalf  of the
   registrant and in the capacities indicated, on the 21st day of March, 1996.

   Signatures                     Titles


   /s/ Douglas Krupp                         Co-Chairman (Principal Executive
   Douglas Krupp                             Officer) and Director of The Krupp
                                             Corporation, a General Partner.

   /s/ George Krupp                          Co-Chairman (Principal Executive
   George Krupp                              Officer) and Director of The Krupp
                                             Corporation, a General Partner.

   /s/ Laurence Gerber                       President of The Krupp Corporation,
   Laurence Gerber                           a General Partner.

   /s/Robert A. Barrows                      Senior Vice President and Corporate
   Robert A. Barrows                         Controller of The Krupp
                                             Corporation, a General Partner.
   <PAGE>

                                     APPENDIX A

                KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES
                                               

                   CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
                                ITEM 8 OF FORM 10-K

              ANNUAL REPORT TO THE SECURITIES AND EXCHANGE COMMISSION
                        For the Year Ended December 31, 1995
   <PAGE>
                KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
                                               

   Report of Independent Accountants                                         F-3

   Consolidated Balance Sheets at December 31, 1995 and
   December 31, 1994                                                         F-4

   Consolidated Statements of Operations For the Years Ended
   December 31, 1995, 1994 and 1993                                          F-5

   Consolidated Statements of Changes in Partners' Equity (Deficit) 
   For the Years Ended December 31, 1995, 1994 and 1993                      F-6

   Consolidated Statements of Cash Flows For the Years Ended

   December 31, 1995, 1994 and 1993                                          F-7

   Notes to Consolidated Financial Statements                         F-8 - F-14


   Schedule III - Real Estate and Accumulated Depreciation           F-15 - F-16

   All other schedules are omitted as they are  not applicable, not required, or
   the information is provided in  the consolidated financial statements  or the
   notes thereto.
   <PAGE>
                         REPORT OF INDEPENDENT ACCOUNTANTS
                                               

   To the Partners of
   Krupp Realty Limited Partnership-IV and Subsidiaries:

   We  have  audited  the consolidated  financial  statements and  the financial
   statement  schedule of Krupp  Realty Limited  Partnership-IV and Subsidiaries
   (the  "Partnership") listed  in the  index on  page  F-2 of  this Form  10-K.
   These  financial  statements   and  financial  statement  schedule   are  the
   responsibility  of the  Partnership's management.   Our  responsibility is to
   express  an opinion  on  these financial  statements and  financial statement
   schedule based on our audits.

   We  conducted  our audits  in  accordance  with generally  accepted  auditing
   standards.   Those standards  require that we plan  and perform  the audit to
   obtain reasonable assurance  about whether the financial  statements are free
   of 
   <PAGE>
   material  misstatement.   An  audit  includes  examining,  on  a test  basis,
   evidence supporting the amounts and disclosures in the financial  statements.
   An  audit   also  includes  assessing  the  accounting  principles  used  and
   significant estimates made by management,  as well as evaluating  the overall
   financial  statement presentation.    We believe  that  our audits  provide a
   reasonable basis for our opinion.

   In our  opinion, the financial statements  referred to  above present fairly,
   in  all  material respects,  the  consolidated  financial position  of  Krupp
   Realty Limited  Partnership-IV and Subsidiaries as  of December  31, 1995 and
   1994, and the consolidated  results of their operations and their  cash flows
   for  each of  the  three  years in  the  period ended  December  31, 1995  in
   conformity with generally  accepted accounting principles.   In addition,  in
   our  opinion,  the  financial statement  schedule  referred  to  above,  when
   considered in  relation to the basic  financial statements taken  as a whole,
   presents fairly, in  all material respects,  the information  required to  be
   included therein.

   Boston, Massachusetts                         COOPERS & LYBRAND L.L.P.
   January 31, 1996
   <PAGE>
                          KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                                       CONSOLIDATED BALANCE SHEETS
                                        December 31, 1995 and 1994
                                                          

                                                  ASSETS

<TABLE>
<CAPTION>
                                                                1995           1994    

            Multi-family apartment complexes, 
             net of accumulated depreciation of 
             $22,689,200 and $20,636,291,
             <S>                                            <C>            <C>
             respectively (Note D)                          $ 17,088,634   $ 18,714,181

            Cash and cash equivalents (Note C)                 2,802,694      2,500,074
            Cash restricted for capital improvements              19,066         20,340
            Prepaid expenses and other assets                    653,387        723,507
            Deferred expenses, net of accumulated
               amortization of $103,355 and $55,358,
               respectively (Note F)                             295,303        347,041

               Total assets                                 $ 20,859,084   $ 22,305,143

                                LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

            Mortgage notes payable (Note D)                 $ 20,938,160   $ 21,667,289
            Other liabilities                                  1,113,994        925,234
               Total liabilities                              22,052,154     22,592,523

            Partners' equity (deficit) (Note E):             

               Limited Partners
                (30,000 Units outstanding)                       322,527      1,182,933

               Original Limited Partner                       (1,245,119)    (1,208,892)

               General Partners                                 (270,478)      (261,421)

               Total Partners deficit                         (1,193,070)      (287,380)

               Total liabilities and Partners' equity 
                (deficit)                                   $ 20,859,084   $ 22,305,143
</TABLE>
                                  The accompanying notes are an integral
                              part of the consolidated financial statements.
            <PAGE>
                          KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                                  CONSOLIDATED STATEMENTS OF OPERATIONS
                          For the Years Ended December 31, 1995, 1994 and 1993
                                                         
<TABLE>
<CAPTION>
                                                       1995           1994          1993   

            Revenue:
             <S>                                   <C>            <C>           <C>
             Rental                                $ 6,939,316    $ 6,685,659   $ 6,092,060
             Other income                              169,395        124,782       136,625

                  Total revenue                      7,108,711      6,810,441     6,228,685

            Expenses:
              Operating (Note F)                     1,972,221      2,121,111     2,239,268
              Maintenance                              669,397        673,645     1,170,208
              Real estate taxes                        631,057        535,665       539,061
              Management fees paid to an 
               affiliate (Note F)                      272,061        250,025       219,420
              Depreciation and amortization          2,106,589      2,131,973     1,931,705
              General and administrative (Note F)      166,630        108,855        98,007
              Interest (Note D)                      1,311,140      1,479,559     1,496,429

                 Total expenses                      7,129,095      7,300,833     7,694,098

            Loss before reorganization expenses 
             and minority interest                     (20,384)      (490,392)   (1,465,413)

            Reorganization expenses (Note D)            -               -           (10,750)
            Minority interest                           (1,244)         1,456         7,597

            Net loss                               $   (21,628)   $  (488,936)  $(1,468,566)

            Allocation of net loss (Note E):

              Investor Limited Partner
               Interest (30,000 Units outstanding) $   (20,547)   $  (464,489)  $(1,395,137)

              Per Unit of Investor Limited
               Partner Interest                    $      (.68)   $    (15.48)  $    (46.50)

              Original Limited Partner             $      (865)   $   (19,558)  $   (58,743)

              General Partners                     $      (216)   $    (4,889)  $   (14,686)
</TABLE>
                                 The accompanying notes are an integral
                             part of the consolidated financial statements.
            <PAGE>
                          KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

               CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)
                          For the Years Ended December 31, 1995, 1994 and 1993
                                                         

<TABLE>
<CAPTION>
                                                                                   Total 
                                     Investor       Original                      Partners'
                                     Limited        Limited        General         Equity  
                                     Partners       Partner        Partners       (Deficit) 

      <S>                           <C>           <C>            <C>            <C>
      Balance at December 31, 1992  $3,182,562    $(1,124,696)   $  (240,372)   $ 1,817,494

      Net loss                      (1,395,137)       (58,743)       (14,686)    (1,468,566) 

      Balance at December 31, 1993   1,787,425     (1,183,439)      (255,058)       348,928

      Distributions (Note E)          (140,003)        (5,895)        (1,474)      (147,372)

      Net loss                        (464,489)       (19,558)        (4,889)      (488,936)

      Balance at December 31, 1994   1,182,933     (1,208,892)      (261,421)      (287,380)

      Distributions (Note E)          (839,859)       (35,362)        (8,841)      (884,062)

      Net loss                         (20,547)          (865)          (216)       (21,628) 

      Balance at December 31, 1995  $  322,527    $(1,245,119)   $  (270,478)   $(1,193,070)      
</TABLE>
                                  The accompanying notes are an integral
                              part of the consolidated financial statements.
      <PAGE>
                           KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                           For the Years Ended December 31, 1995, 1994 and 1993
                                                          
<TABLE>
<CAPTION>
                                                           1995         1994           1993    
      Operating activities:
     <S>                                               <C>          <C>            <C>
        Net loss                                       $   (21,628) $  (488,936)   $(1,468,566)
         Adjustment to reconcile net loss 
         to net cash provided by operating activities:
           Depreciation and amortization                 2,106,589    2,131,973      1,931,705

           Decrease (increase) in prepaid 
            expenses and other assets                       70,120      120,736       (215,142)
           Increase (decrease) in other 
            liabilities                                    188,760      (46,065)       209,575

            Net cash provided by operating activities    2,343,841    1,717,708        457,572

      Investing activities:
        Additions to fixed assets                         (427,362)    (399,171)    (1,540,687)
        Decrease in cash restricted for 
         capital improvements                                1,274      128,634         51,278
        Decrease in other investments                       -            -           1,478,271

            Net cash used in investing 
             activities                                   (426,088)    (270,537)       (11,138)

      Financing activities:
        Proceeds from mortgage notes payable                -         9,747,000      4,600,000
        Repayment of mortgage notes payable                 -       (10,273,840)    (4,510,305)
        Principal payments on mortgage 
         notes payable                                    (729,129)    (704,299)      (652,422)
        Increase in deferred expenses                       (1,942)    (287,487)      (109,230)
        Distributions                                     (884,062)    (147,372)        -     

            Net cash used in financing activities       (1,615,133)  (1,665,998)      (671,957)

      Net increase (decrease) in cash and 
       cash equivalents                                    302,620     (218,827)      (225,523)
      Cash and cash equivalents, 
       beginning of year                                 2,500,074    2,718,901      2,944,424
      Cash and cash equivalents, end of year           $ 2,802,694  $ 2,500,074    $ 2,718,901
</TABLE>
                                  The accompanying notes are an integral
                              part of the consolidated financial statements.
      <PAGE>
                KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                               
   A.   Organization

      Krupp Realty Limited Partnership-IV ("KRLP-IV") was formed on December  1,
      1982 by filing a Certificate of Limited Partnership in The Commonwealth of
      Massachusetts.   KRLP-IV terminates on December 31,  2020, unless  earlier
      terminated  upon  the  sale  of  the last  of  KRLP-IV  and  Subsidiaries'
      properties or the occurrence of certain other  events as set forth in  the
      Partnership Agreement.

      KRLP-IV  issued  all  of  the  General  Partner  Interests  to  The  Krupp
      Corporation, a  Massachusetts corporation, and The  Krupp Company  Limited
      Partnership-II,  a  Massachusetts  limited  partnership,  in  exchange for
      capital contributions  aggregating $1,000.  Except  under certain  limited
      circumstances upon  termination of  KRLP-IV, the General  Partners are not
      required to make  any additional capital contributions.  KRLP-IV  has also
      issued all of the Original Limited Partner Interests to  The Krupp Company
      Limited Partnership-II in  exchange for a capital contribution  of $4,000.
      The  Original Limited  Partner  is  not required  to make  any  additional
      capital contributions  to  KRLP-IV.   The purchasers  of 30,000  units  of
      Investor Limited Partner Interests (the "Units"), at a price of $1,000 per
      Unit, are the Investor Limited Partners.

      In 1990,  the General Partners  on behalf of KRLP-IV formed  three limited
      partnerships:  Pavillion Partners,  Ltd., Copper Creek Partners,  Ltd. and
      Westbridge  Partners,  Ltd.    At  the same  time,  the  General  Partners
      transferred ownership of Pavillion Apartments to Pavillion Partners, Ltd.,
      Copper  Creek Apartments to  Copper Creek Partners, Ltd.,  and Walden Pond
      Apartments to  Westbridge Partners,  Ltd. in  exchange  for KRLP-IV's  99%
      limited  partner  interest in  the  new  entities.    Westcop  Corporation
      contributed a total of $11,216 in cash to the entities and  is the General
      Partner  in each with a  1% interest.  On  March 3, 1992, Copper Creek was
      foreclosed  upon by  the holder  of  the first  and second  mortgage notes
      pursuant to an agreement approved by the Bankruptcy Court.

      KRLP-IV,  Pavillion  Partners,  Ltd., and  Westbridge  Partners, Ltd.  are
      collectively known as Krupp Realty Limited Partnership-IV and Subsidiaries
      (collectively the "Partnership").

      As of December 31, 1995, the Partnership owns four multi-family  apartment
      complexes.

   B.   Significant Accounting Policies

      The  Partnership  uses  the following  accounting  policies for  financial
      reporting purposes, which  may differ in certain respects from  those used
      for federal income tax purposes (see Note G).

        Basis of Presentation

        The consolidated  financial statements present the  consolidated assets,
        liabilities and  operations  of  Pavillion  Partners,  Ltd.,  Westbridge
        Partners, Ltd. and KRLP-IV (see Note A).  All intercompany balances and 
   <PAGE>
      transactions  have been  eliminated.   At  December 31,  1995 and  1994, a
      minority interest of  $28,793 and  $30,037, respectively,  is included  in
      other liabilities.  

        Risks and Uncertainties

        The Partnership invests its cash primarily in deposits and money  market
        funds  with commercial banks.   The Partnership has  not experienced any
        losses to date on its invested cash.

        The  preparation of  financial statements  in conformity  with generally
        accepted accounting principles requires management to make estimates and
        assumptions that affect  the reported amount of  assets and  liabilities
        and disclosure of contingent assets and  liabilities at the date  of the
        financial statements  and the  reported amount of  revenues and expenses
        during the  reporting period.   Actual results could  differ from  those
        estimates.

        Cash Equivalents

        The  Partnership includes all short-term investments  with maturities of
        three  months or  less from  the date  of acquisition  in cash  and cash
        equivalents.     The  cash  investments  are  recorded  at  cost,  which
        approximates current market values.

        Rental Revenues

        Leases require  the payment  of base  rent monthly  in advance.   Rental
        revenues are recorded on the accrual basis.  

        Impairment of Long-Lived Assets

        In  accordance with Financial Accounting Standards  No. 121, "Accounting
        for the Impairment of Long-Lived Assets and  for Long-Lived Assets to
               Be Disposed  Of", which is effective  for fiscal years  beginning
               after December 15, 1995, the Partnership has implemented policies
               and practices for assessing impairment of its real estate assets.

        The  investments  in properties  are carried  at  cost  less accumulated
        depreciation unless the General Partners believe there is a  significant
        impairment in value, in which case a provision to write down investments
        in properties  to fair value  will be  charged against income.   At this
        time, the  General  Partners do  not  believe  that any  assets  of  the
        Partnership are significantly impaired.

        Depreciation

        Depreciation is provided for by the use of the straight-line method over
        estimated useful lives of the related asset, as follows:

               Buildings and improvements          3-25 years
               Appliances, carpeting and equipment 3-5 years

        Deferred Expenses

        The Partnership amortizes the costs incurred in connection with the 
   <PAGE>
      organization of its subsidiaries over a 5-year period using the  straight-
      line method.  

        The Partnership amortizes the costs incurred to obtain the financing  of
        Partnership's  properties over  the term  of the  related mortgage  note
        using the straight-line method.

        Income Taxes

        The Partnership  is not  liable for  federal or  state income  taxes  as
        Partnership's income or loss is allocated to the partners for income tax
        purposes.   In the event that the Partnership's tax returns are examined
        by  the Internal  Revenue  Service  or state  taxing authority  and  the
        examination results in  a change in Partnership taxable income  or loss,
        such change will be reported to the partners.

        Reclassifications

        Certain  prior year  balances  have been  reclassified to  conform  with
        current year financial statement presentation.

   C.   Cash and Cash Equivalents

      Cash and cash equivalents consist of the following:

                                                December 31,    December 31,
                                                    1995            1994    

        Cash and money market accounts          $  818,058      $   416,066
        Commercial paper                         1,984,636        2,084,008
                                                $2,802,694      $ 2,500,074

      At December 31, 1995, commercial paper represents investments which mature
      between  January  10 and February 9,  1996 having effective yields ranging
      from 5.81% to 5.91%  per annum.

   D.   Mortgage Notes Payable

        Substantially all of the property owned by the Partnership is pledged as
        collateral for  the non-recourse mortgage notes  payable outstanding  at
        December  31, 1995  and 1994.    Mortgage notes  payable consist  of the
        following:
   <PAGE>
<TABLE>
<CAPTION>
                                       Principal          Annual Interest
                 Property           1995         1994          Rate       Maturity Date

                 Fenland Field 
                  <S>           <C>          <C>                <C>       <C>  <C>
                  Apartments    $ 4,366,104  $ 4,463,301        9.25%     June 1, 2000

                 Indian Run
                  Apartments      2,713,836    2,742,483        9.51%     October 1, 2004

                 Walden Pond
                  Apartments      6,936,368    7,491,332     see below    February 28, 1999

                 Pavillion
                  Apartments      6,921,852    6,970,173        9.25%     May 1, 2001 
              
                                $20,938,160  $21,667,289
</TABLE>
                 Fenland Field Apartments

                The non-recourse  mortgage note  payable  collateralized by  the
                property  is payable, based on  a 20-year amortization, in equal
                monthly installments of  principal and interest of  $42,167.  At
                maturity, all  unpaid principal ($3,824,206) and any accrued and
                unpaid interest is  due.  The note  may not be prepaid  prior to
                June 1, 1998 and thereafter,  may be prepaid subject  to certain
                prepayment premiums.

                Based  on   the  borrowing  rates  currently  available  to  the
                Partnership  for  bank  loans  with  similar  terms  and average
                maturities,  the fair value  of long-term  debt is approximately
                $4,600,000.

                 Indian Run Apartments

                Effective  October 26,  1994, the  Partnership refinanced Indian
                Run's first mortgage note in the amount of $2,747,000.   The new
                mortgage note is  payable, based on a  25-year amortization,  in
                equal  monthly   installments  of  principal  and   interest  of
                $24,021.   At maturity,  all unpaid  principal ($2,298,949)  and
                any  accrued  and  unpaid interest  is  due.   The  note  may be
                 prepaid at any time, subject to certain prepayment premiums.

                Based  on   the  borrowing  rates  currently  available  to  the
                Partnership  for  bank  loans  with  similar  terms  and average
                maturities,  the fair value  of long-term  debt is approximately
                 $3,300,000.

                 Walden Pond Apartments

                On February  28, 1992, the prior  wrap-around mortgage  note was
                modified  in bankruptcy court.   The  modified principal balance
                of  $5,500,000  is being  amortized  over a  30-year period  and
                requires monthly principal  payments of $46,247.   For financial
                reporting  purposes,  generally  accepted accounting  principles
                required the Partnership  to increase the  outstanding principal
                 balance of the <PAGE>
                mortgage to  the sum of the  future cash  flow payments required
                under the new  terms of the  mortgage.  All  cash payments  made
                subsequent to  the restructure  are recorded  as a reduction  of
                the principal balance and  no interest expense is recognized  by
                 the Partnership. 

                Based  on   the  borrowing  rates  currently  available  to  the
                Partnership  for  bank  loans  with  similar  terms  and average
                maturities,  the fair value  of long-term  debt is approximately
                 $5,700,000.

               Pavillion Apartments

               Effective  April 13, 1994, the Partnership refinanced Pavillion's
               first mortgage note in the amount of $7,000,000.  The Partnership
               paid  a $76,188  prepayment  penalty  to  the  previous  mortgage
               holder.   The new mortgage  note is payable,  based on  a 30-year
               amortization,  in  equal monthly  installments  of  principal and
               interest  of   $57,587.    At  maturity,   all  unpaid  principal
               ($6,580,326) and  any accrued and  unpaid interest is  due.   The
               Partnership  cannot prepay  the  note  until  October  13,  1997.
               Thereafter, the note may be prepaid subject to certain prepayment
               premiums.

               Based  on   the  borrowing  rates  currently   available  to  the
               Partnership  for  bank  loans  with  similar  terms  and  average
      maturities, the fair value of long-term debt is approximately $7,300,000.

      The aggregate principal amounts  of borrowings due in the five years  1996
      through 2000 are $744,553, $762,942, $783,115, $5,521,757  and $4,007,863,
      respectively.

      The  Partnership paid  interest of  $1,311,140, $1,376,867  and $1,496,429
      during the years ended December 31, 1995, 1994 and 1993, respectively.

   E.   Partners' Equity (Deficit)

        Under the terms of the Partnership Agreement, profits and losses from 
        operations are allocated 95% to the Investor Limited Partners, 4% to the
        Original  Limited Partner and 1% to the General Partners until such time
        that the Investor Limited Partners have received a return of their total
        invested capital plus a 9%  per annum cumulative return thereon.  There-
        after, profits and losses will be allocated  65% to the Investor Limited
        Partners, 28%  to the  Original Limited Partner  and 7%  to the  General
        Partners.
     
      Under the  Agreement, cash  distributions are generally made  on the  same
      basis  as   the  allocations  of  profits   and  losses  described  above.
      Distributions from a sale, exchange, or other disposition of a property or
      upon  the termination of  the Partnership are to  be allocated differently
      than that described.  

      As of December 31, 1995, the following cumulative partner contributions 
      and allocations have been made since inception of KRLP-IV:
   <PAGE>
<TABLE>
<CAPTION>
                                        Investor       Original
                                        Limited         Limited    General
                                        Partners        Partner    Partners        Total   

               <S>                    <C>            <C>          <C>          <C>
               Capital contributions  $ 30,000,000   $     4,000  $   1,000    $ 30,005,000

               Syndication costs        (4,050,000)       -            -         (4,050,000)

               Cash distributions:
                Operations              (4,894,309)     (206,077)   (51,517)     (5,151,903)
               Capital
                transaction             (2,000,000)       -         (20,202)     (2,020,202)

               Income (loss):
               Operations              (28,010,748)   (1,340,964)  (296,482)    (29,648,194)
               Capital
                transactions             9,277,584       297,922     96,723       9,672,229
                                      $    322,527   $(1,245,119) $(270,478)   $ (1,193,070)
</TABLE>
   F.   Related Party Transactions

      Commencing with the date of  acquisition of the Partnership's  properties,
      the Partnership  entered into agreements under  which property  management
      fees are  paid to an affiliate  of the  General Partners  for services  as
      management agent.   Such  agreements provide  for management  fees payable
      monthly at a rate of  5% of the gross receipts from residential properties
      under management.    The Partnership  also reimburses  affiliates  of  the
      General Partners  for certain  expenses incurred in the  operation of  the
      Partnership  and its properties including accounting, computer, insurance,
      travel, legal,  payroll, and  the preparation and mailing  of reports  and
      other communications to the Limited Partners.

      Amounts paid to the General Partners or their affiliates for the years
      ended December 31, 1995, 1994 and 1993 were as follows:
<TABLE>
<CAPTION>
                                                  1995      1994        1993  

      <S>                                       <C>      <C>          <C>
      Property management fees                  $272,061 $250,025     $219,420

      Expense reimbursements                     225,694   351,249     355,965

      Charged to operations                     $497,755  $601,274    $575,385
</TABLE>
In addition to the amounts above, the following amounts relating to refinancing
 and disposition activities were paid to the General Partners
     or their affiliates:

                                          1995             1994         1993  

      Cost reimbursements               $  1,942         $ 22,050     $ 18,544

   G.  Federal Income Taxes

       The reconciliation of the net loss for each year reported in the
       accompanying Consolidated Statement of Operations with the net loss
       reported in the Partnership's 1995, 1994 and 1993 federal income tax
       returns follows:
   <PAGE>
                                               1995        1994        1993    

      Net loss per Consolidated
         Statement of Operations            $ (21,628)  $(488,936)  $(1,468,566)

      Add:  Difference in book to tax
               depreciation for Fenland 
               Field and Indian Run            90,581      73,092        42,694

            Partnership's share of Pavillion
               Partners net loss not
               recognized for tax purposes     37,923      35,153       609,179

            Partnership's share of 
               Westbridge Partners net
               loss (income) not recognized 
               for tax purposes              (448,394)   (448,610)      148,765

      Net loss for federal income
         tax purposes                       $(341,518)  $(829,301)  $  (667,928)


         The allocation of the net loss for federal income tax purposes for
         1995 is as follows:

                                       Portfolio   Passive
                                        Income       Loss           Total   

               Investor Limited
                Partners               $158,810   $(483,253)     $(324,443)  

               Original Limited
                Partner                   6,687     (20,347)       (13,660) 

               General Partners           1,672      (5,087)        (3,415)  
                                       $167,169   $(508,687)     $(341,518)


      During the years ended December 31, 1995, 1994 and 1993 the per Unit net
      loss to the Investor Limited Partners for federal income tax purposes was
      $11, $26 and $21, respectively.

   <PAGE>
                         KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                       SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                          December 31, 1995

<TABLE>
<CAPTION>
                                           Initial Cost to Partnership        Costs Capitalized
                                                                               Subsequent to 
                                                                                 Acquisition  

    Description         Encumbrances      Land           Buildings &
                                                         Improvements         Land    Buildings &
                                                                                      Improvement
                                                                                           s
    Fenland Field
    Apartments
    <S>                <C>             <C>               <C>                <C>
    Columbia, MD       $ 4,366,104     $  365,262        $ 4,852,767        $  407      

                                                                                      $1,889,916
    Indian Run Apts.
    Abilene, TX
                         2,713,836        503,574          6,690,341           902       623,157
    Walden Pond
    Apts.
    Houston, TX (a)     
                         5,346,692        906,253         
                                                          12,040,217          
                                                                             1,211     1,150,402

    Pavillion Apts.
    Garland, TX          6,921,852        680,621          9,042,535         1,199     1,029,070
          TOTAL:       $19,348,484     $2,455,710        $32,625,860        $3,719    $4,692,545

</TABLE>

                            Gross Amounts Carried at
                                   End of Year            

<TABLE>
<CAPTION>
   Description          Land       Buildings 
                                      and 
                                 Improvements     Total        Accumulated  
                                                              
                                                             Depreciation     Year of    
                                                                             Construction 
                                                                                           Year
                                                                                          Acquired

   Fenland Field
   Apartments
   <S>              <C>          <C>           <C>            <C>               <C>          <C>
   Columbia, MD     $  365,669   $ 6,742,683   $  7,108,352   $ 4,251,762       1970         1983
   Indian Run Apts
   Abilene, TX         504,476     7,313,498      7,817,974     4,435,698       1982         1983

   Walden     Pond
   Apts
   Houston, TX         907,464    13,190,619     14,098,083     7,972,202       1982         1983

   Pavillion Apts.
   Garland, TX         681,820    10,071,605     10,753,425     6,029,538       1983         1983

        TOTAL:      $2,459,429   $37,318,405   $ 39,777,834  $ 22,689,200
</TABLE>


        (a)   The mortgage note payable balance per the Consolidated Balance
              Sheets include all interest payable through maturity (see Note D).



                                     Continued
<PAGE>
                    KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Continued
                                      December 31, 1995
                                                    



      Reconciliation of Real Estate and Accumulated Depreciation for each of the
   three years in the period ended December 31, 1995:
<TABLE>
<CAPTION>
                                            1995          1994           1993
               Real Estate

               Balance at beginning 
               <S>                      <C>           <C>            <C>
               of year                  $ 39,350,472  $ 38,951,301   $ 37,410,614

               Acquisition 
               and improvements              427,362       399,171      1,540,687

               Balance at end of year   $ 39,777,834  $ 39,350,472   $ 38,951,301


                                            1995          1994           1993
               Accumulated Depreciation

               Balance at beginning 
               of year                  $ 20,636,291  $ 18,613,263   $ 16,745,424

               Depreciation expense        2,052,909     2,023,028      1,867,839

               Balance at end of year   $ 22,689,200  $ 20,636,291   $ 18,613,263
</TABLE>

               Note:    The aggregate cost of the Partnership's real estate for
                        federal income tax purposes at December 31, 1995 is
                        $39,782,928 and the aggregate accumulated depreciation
                        for federal income tax purposes is $31,000,047.
<PAGE>