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


                                    FORM 10-K

(Mark One)

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

     For the fiscal year ended             December 31, 1999

                                       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 Identification No.)
incorporation or organization)


One Beacon Street, Boston, Massachusetts                  02108
(Address of principal executive offices)                (Zip Code)

                                 (617) 523-7722
              (Registrant's telephone number, including area code)


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.

Documents incorporated by reference:  Part IV, Item 14

The exhibit index is located on pages 11-14.

The total number of pages in this document is 33.


<PAGE>



                                     PART I

     This Form 10-K contains  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange  Act of  1934.  Actual  results  could  differ  materially  from  those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

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  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 Tower (the "Joint  Venture") with an
affiliated limited  partnership.  KRLP-IV considers itself to be engaged in only
one industry segment, investment in real estate.

     KRLP-IV sold Lakeview Plaza and Tilbury Woods  Apartments in 1990 and 1991,
respectively.  Additionally, KRLP-IV received a terminating capital distribution
from the Joint Venture with proceeds from the sale of Lakeview Tower in 1992. 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  exchange  for a 1%
General Partner Interest in the new entities. 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.

     On March 31, 1998, the Partnership  sold Indian Run Apartments,  a 256-unit
multi-family  apartment complex,  located in Abilene,  Texas, to an unaffiliated
third party (see Note D to Consolidated Financial Statements, included in Item 8
(Appendix A) of this report).

     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
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.



<PAGE>



     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, 1999, the Partnership did not employ any personnel.

ITEM 2.     PROPERTIES

     As of  December  31,  1999,  the  Partnership  had an  aggregate  of  1,000
apartment units.

     A summary of the  Partnership's  multi-family  real estate  investments  is
presented  below.  Schedule  III  included in Item 8 (Appendix A) to this report
contains additional detailed information with respect to individual properties.
<TABLE>
<CAPTION>

                                                             Average Occupancy
                                                            For the Years Ended
                                                                December 31,
                              Year of                   ------------------------
Description                 Acquisition   Total Units   1999 1998 1997 1996 1995
-----------                 -----------  ------------   ---- ---- ---- ---- ----
<S>                            <C>         <C>           <C>  <C> <C>   <C>  <C>
Fenland Field Apartments       1983          234         97%  99% 100%  98%  95%
Columbia, Maryland

Pavillion Apartments           1983          350         95%  96%  95%  95%  94%
Garland, Texas

Walden Pond Apartments         1983          416         94%  97%  98%  95%  93%
Houston, Texas
                                          ------

                                           1,000 Units
</TABLE>


ITEM 3.     LEGAL PROCEEDINGS

        There are no material pending legal proceedings to which the Partnership
is a party or to which any of its property is the subject.

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,  1999 was
approximately 1,692.

     The Partnership made the following distributions to its Partners during the
years ended December 31, 1999 and 1998:
<TABLE>
<CAPTION>

                                              Year Ended December 31,
                                     ----------------------------------------
                                           1999                   1998
                                     -----------------      -----------------
                                     Amount   Per Unit      Amount   Per Unit
Limited Partners:
<S>                                <C>          <C>       <C>          <C>
     Investor Limited Partners
           (30,000 Units
           outstanding)            $  740,590   $24.69    $2,853,592   $95.12

     Original Limited Partner          31,183                 35,369

General Partners                        7,796                 29,182
                                   ----------             ----------

                                   $  779,569             $2,918,143
                                   ==========             ==========
</TABLE>

     Due  to   improvements   in  the  operations  of  the  properties  and  the
availability  of cash flow, the General  Partners  reinstated  distributions  in
August,  1994,  at a rate of $4.67  per  Unit.  In 1995  and  1996,  the  annual
distribution  rates were increased to $28.00 and $37.33 per Unit,  respectively.
These semiannual  distributions  continued in 1997 and the first half of 1998 at
an  annualized  rate of $37.33  per Unit.  As a result of the sale of Indian Run
Apartments, the General Partners reduced the distribution rate to $9.33 per Unit
for the  distribution  paid in  August,  1998.  However,  the  General  Partners
increased  the  distribution   rate  to  $24.69  per  Unit  beginning  with  the
distribution payable in February, 1999 due to improved operations.

     The Partnership made special capital distributions of $67.12 and $43.33 per
Unit  during  the  second  quarter  of 1998  and the  second  quarter  of  1996,
respectively,  with the funds received from the sale of Indian Run Apartments in
1998 and the sale of Lakeview Tower Apartments in 1992,  respectively.  Pursuant
to the Partnership Agreement,  distributions from capital transactions,  such as
the sale of a property, are allocated 99% to Investor Limited Partners and 1% to
the  General  Partners.  For  details,  see  Note  G to  Consolidated  Financial
Statements included in Item 8 (Appendix A) of this report.



<PAGE>



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.
<TABLE>
<CAPTION>

                         1999        1998        1997        1996        1995
                     ----------- ----------- ----------- ----------- -----------
<S>                  <C>          <C>         <C>         <C>         <C>
Total revenue        $ 7,052,216  $7,169,243  $7,721,285  $7,307,643  $7,108,711

Income (loss) befor
   gain on sale of
   property and
   extraordinary
   loss                  464,369     574,090    157,116    (156,880)    (21,628)

Gain on sale of
   property                 -      2,960,743       -           -           -

Extraordinary loss          -       (389,523)      -           -           -


Net income (loss)        464,369   3,145,310    157,116    (156,880)    (21,628)

Net income (loss) alocated to:

   Investor Limited
        Partners         441,150   3,090,894     149,260   (149,306)    (20,547)
            Per Unit       14.71      103.03        4.98      (4.97)       (.68)

   Original Limited
          Partner         18,575      22,964       6,285     (6,275)       (865)

   General Partners        4,644      31,452       1,571     (1,569)       (216)

Total assets at
   December 31,       12,588,568  13,245,952  16,718,318  17,605,712  20,887,877

Long-term
   obligations at
   December 31,       12,496,331  10,552,809  19,544,471  19,429,196  20,193,607

Distributions:

   Investor Limited
        Partners         740,590   2,853,592   1,119,903   2,419,804     839,859
        Per Unit           24.69       95.12       37.33       80.66       28.00

        Original Limited
        Partner           31,183      35,369      47,158      47,158      35,362

   General Partners        7,796      29,182      11,790      24,920       8,841
</TABLE>

Operating  results for the periods  presented are not comparable due to the sale
of Indian Run Apartments on March 31, 1998.

The per Unit  distributions  for the years ended December 31, 1999,  1998, 1997,
1996 and 1995 were $24.69, $95.12, $37.33, $80.66 and $28.00,  respectively,  of
which $0, $67.12, $0, $43.33 and $0 represented a return of capital.

Prior  performance of the  Partnership is not  necessarily  indicative of future
operations.






<PAGE>



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

     This  Management's  Discussion  and  Analysis of  Financial  Condition  and
Results  of  Operations  contains  forward-looking  statements  including  those
concerning Management's  expectations regarding the future financial performance
and future events. These forward-looking statements involve significant risk and
uncertainties,  including  those  described  herein.  Actual  results may differ
materially from those anticipated by such forward-looking statements.

Liquidity and Capital Resources

     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 Partnership's
real  estate  investments.  These  sources  of  liquidity  will  be  used by the
Partnership for payment of expenses related to real estate  operations,  capital
improvements,  debt service and other 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.

     The Partnership funded  approximately  $661,000 of capital  improvements at
the properties in 1999 for appliances, carpeting and other interior and exterior
building improvements. The Partnership expects to spend approximately $1,191,000
for capital  improvements  in 2000  consisting  of internal  enhancements  which
include the painting and  replacement  of cabinets at the  properties as well as
exterior improvements, including entrance rehab, replacement of sewer pipes, new
signage,  and window replacement at Fenland Apartments.  The Partnership expects
to fund these improvements from established reserves and operations. The General
Partner may need to suspend  distributions and/or borrow additional funds to pay
for future capital expenditures.

     On March 31,  1998,  the  Partnership  sold  Indian  Run  Apartments  to an
unaffiliated third party. The Partnership received $5,850,000, less repayment of
the  mortgage  note  payable and  interest of  $2,658,664  and closing  costs of
$138,518.  For  further  details,  see  Note  D to  the  Consolidated  Financial
Statements included in Item 8 (Appendix A) of this report.

     Due to  improvements  in the  operations of the properties and reduced debt
service, the Partnership had sufficient cash flow in 1995 to increase the annual
distribution rate to $28.00 per Unit and to $37.33 per Unit in 1996. As a result
of the  sale  of  Indian  Run  Apartments,  the  General  Partners  reduced  the
distribution rate to $9.33 per Unit for the distribution  paid in August,  1998.
However, the General Partners increased the distribution rate to $24.69 per Unit
beginning  with the  distribution  payable  in  February,  1999 due to  improved
operations during the year.

     The Partnership made special distributions of $2,034,000,  $67.12 per Unit,
and  $1,313,031,  $43.33 per Unit,  during  the  second  quarter of 1998 and the
second quarter of 1996,  respectively,  based on the remaining proceeds from the
sale of Indian Run  Apartments  in 1998 and Lakeview  Tower  Apartments in 1992,
respectively.  Distributions of net cash proceeds from capital  transactions are
allocated in accordance with the  Partnership  Agreement (as described in Note G
to the Consolidated Financial Statements included in Item 8 (Appendix A) of this
report).

     The General  Partners,  on an ongoing basis,  assess the current and future
liquidity  needs in  determining  the levels of  working  capital  reserves  the
Partnership  should  maintain.   Adjustments  to  distributions  are  made  when
appropriate to reflect such assessments.

 On July 31, 1997, the General Partners obtained an additional $900,000 note for
Walden Pond Apartments.  The note bears interest at a rate of 9.5% per annum and
matured on February 28, 1999, simultaneous with the first mortgage note.  The


<PAGE>



proceeds  from the note  were  placed in  escrow  and were used to fund  capital
improvements at the property.  The Partnership  paid closing costs of $33,082 to
secure the note.  (For further  details,  see Note E to  Consolidated  Financial
Statements included in Item 8 (Appendix A) of this report.)

     On  February  28,  1999 the  General  Partners  refinanced  the Walden Pond
mortgage  notes of $5,500,000  and $900,000 with monthly  principal  payments of
$6,500 and $1,100,  respectively,  and interest payments at the Contract rate of
interest equal to the greater of (a) 0.5% per annum in excess of the prime rate,
or (b) 8% per annum. The notes mature on February 28, 2001. The Partnership paid
closing costs of $30,450 for the refinancing.

     Financial  Accounting  Standards  Board  Statement  No.  137.  ("FAS  137")
"Accounting  for Derivative  Instuments and Hedging  Activities-deferral  of the
Effective Date of the Statement of Financial  Accounting  Standards No.133." FAS
137 amended FAS 133 by deferrng  the  effective  date to fiscal  quarters of all
fiscal years  beginning after June 15, 2000. The General  Partners  believe that
the implemented of FAS 137 will not have a material impact on the  Partnership's
financial statements.

Year 2000

     The General Partners of the Partnership have conducted an assessment of the
Partnership's core internal and external computer  information  systems and have
taken the  necessary  steps to  understand  the  nature  and  extent of the work
required to make its  systems  Year 2000 ready.  They have  evaluated  Year 2000
compliance  issues with respect to its  non-financial  systems and have received
assurances from third-party service providers  (including but not limited to its
telecommunications   providers  and  banks)  with  regard  to  their  Year  2000
readiness.

     The  General   Partners   completed  the  testing  and  conversion  of  the
Partnerships  financial  accounting  operating  systems in February  1998.  As a
result, the General Partners have generated  operating  efficiencies and believe
their financial  accounting  operating  systems are Year 2000 ready. The General
Partners  incurred  hardware  costs as well as  consulting  and  other  expenses
related to the infrastructure and facilities  enhancements necessary to complete
the  upgrade  and  prepare  for the Year  2000.  There are no other  significant
internal systems or software that the Partnership is using at the present time.

     To date, the  Partnership  has not incurred,  and does not expect to incur,
any significant cost associated with being Year 2000 compliant.

     To date, the Partnership has not had, and does not expect to have, any Year
2000 related problems.

Operations

     The following  discussion  relates to the operations of the Partnership and
its properties  (Fenland  Field,  Pavillion and Walden Pond  Apartments) for the
years ended December 31, 1999,  1998 and 1997. The sale of Indian Run Apartments
in March,  1998,  significantly  impacts the  comparability of the Partnership's
operations among the three years.

1999 compared to 1998

     Net  income,  net of Indian  Run's  activity,  decreased  during  1999 when
compared to 1998 as the increase in total expenses more than offset the increase
in total  revenue.  The  increase  in total  revenue is a result of rental  rate
increases  implemented at all the  Partnership's  properties at the end of first
quarter. Interest income decreased due to lower average cash and cash equivalent
balances available for investment in 1999, as a result of the sale of Indian Run
Apartments in 1998.

     Total expenses in 1999, net of Indian Run's activity increased as compared
to 1998 with increases in general and administrative and interest expense. These


<PAGE>



increases were partially  offset by a decrease in depreciation  and amortization
expenses.  General and administrative  expenses increased due to higher expenses
incurred in connection with  preparation and mailing of Partnership  reports and
other investor  communications.  Interest expense increased with the refinancing
of Walden Pond Apartments' mortgage notes payable. Depreciation and amortization
expense  decreased as fixed asset  additions  purchased in previous years became
fully  depreciated.  For  further  discussion  of this  note,  see Note E to the
Consolidated  Financial  Statements  included  in  Item 8  (Appendix  A) of this
report.

1998 compared to 1997

     Net  income,  net of Indian  Run's  activity,  increased  during  1998 when
compared  to 1997 with an  increase  in total  revenue  and a decrease  in total
expenses.  The  increase in total  revenue is a result of rental rate  increases
implemented at all the  Partnership's  properties in 1998.  Interest income also
increased  due to  higher  cash  and  cash  equivalent  balances  available  for
investment.

     Total expenses in 1998, net of Indian Run's activity, decreased as compared
to 1997, with decreases in operating and depreciation and amortization expenses,
partially offset by a rise in real estate taxes and interest expense.  Operating
expense  decreased  as  a  result  of  a  reduction  in  liability  and  workers
compensation  expense  at the  Partnership's  properties,  due to  lower  claims
experience.  Depreciation  and  amortization  expense  decreased  as fixed asset
additions  purchased in previous  years became  fully  depreciated.  Real estate
taxes increased due to an increase in the assessed  values of the  Partnership's
properties. Interest expense increased as a result of the Walden Pond additional
note.  For  further  discussion  of this  note,  see Note E to the  Consolidated
Financial Statements included in Item 8 (Appendix A) of this report.

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:

                                             Position with
              Name and Age                The Krupp Corporation
              ------------                ---------------------
              Douglas Krupp (53)          President and Co-Chairman of the Board

              George Krupp (55)           Co-Chairman of the Board

              Wayne H. Zarozny (41)       Treasurer

     Douglas Krupp  co-founded  and serves as  Co-Chairman  and Chief  Executive
Officer of The Berkshire  Group,  an integrated real estate  financial  services
firm engaged in real estate acquisitions, property management, mortgage banking,
investment sponsorship,  venture capital investing and financial management. Mr.
Krupp  has held the  position  of  Co-Chairman  since  The  Berkshire  Group was
established  as The  Krupp  Companies  in 1969 and he has  served  as the  Chief
Executive  Officer  since  1992.  Mr.  Krupp  serves as a member of the Board of
Trustees at Brigham & Women's Hospital. He is a graduate of Bryant College where
he received an honorary Doctor of Science in Business Administration in 1989 and
was elected trustee in 1990.



<PAGE>



     George Krupp is the Co-Founder and  Co-Chairman of The Berkshire  Group, an
integrated  real  estate   financial   services  firm  engaged  in  real  estate
acquisitions,  property management,  mortgage banking,  investment  sponsorship,
venture  capital  investing  and  financial  management.  Mr. Krupp has held the
position of Co- Chairman since The Berkshire  Group was established as The Krupp
Companies in 1969. Mr. Krupp has been an instructor of history at the New Jewish
High  School in  Waltham,  Massachusetts  since  September  of 1997.  Mr.  Krupp
attended the  University  of  Pennsylvania  and Harvard  University  and holds a
Master's Degree in History from Brown University.

     Wayne H. Zarozny is Vice President of The Berkshire  Group. Mr. Zarozny has
held several  positions  within The Berkshire Group since joining the company in
1986 and is currently  responsible for asset management,  accounting,  financial
reporting and treasury activities.  Prior to joining The Berkshire Group, he was
an audit  supervisor  for Pannell  Kerr Forster  International  and on the audit
staff of Deloitte,  Haskins and Sells in Boston.  He received a B.S. degree from
Bryant  College,  a  Master's  degree  in  Business  Administration  from  Clark
University and is a Certified Public Accountant.

ITEM 11.      EXECUTIVE COMPENSATION

     The Partnership has no directors or executive officers.



<PAGE>



ITEM 12.      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     As of February 11, 2000, beneficial owners of record owning more than 5% of
the Partnership's 30,000 outstanding Units were as follows:
<TABLE>
<CAPTION>

      Title       Name and Address            Amount and Nature      Percent
       of                of                          of                of
      Class       Beneficial Owner           Beneficial Ownership     Class
     -------    --------------------         --------------------    -------
<S>             <C>                              <C>                  <C>
     Investor   Madison Avenue Investment
     Limited       Partners, LLC
     Partner    P.O. Box 7533
     Units      Incline Village, NV 89452     1,671.38 Units(1)(2)    5.6%

     Investor   First Equity Realty, LLC
     Limited
     Partner    555 Fifth Avenue, 9th Floor
     Units      New York, NY 10017            1,671.38 Units(1)(3)    5.6%

     Investor   The Harmony Group II, LLC
     Limited
     Partner    P.O. Box 7533
     Units      Incline Village, NV 89452     1,671.38 Units(1)(4)    5.6%

     Investor   Ronald M. Dickerman
     Limited
     Partner    555 Fifth Avenue, 9th Floor
     Units      New York, NY 10017            1,671.38 Units(1)(5)    5.6%

     Investor   Bryan E. Gordon
     Limited
     Partner    P.O. Box 7533
     Units      Incline Village, NV 89452     1,671.38 Units(1)(6)    5.6%

     Investor   Equity Resources Group,
     Limited       Incorporated
     Partner    14 Story Street
     Units      Cambridge, MA 02138           1,704.50 Units(7)       5.7%

<FN>
     (1)According to the statement on Schedule 13G originally  filed on December
     6, 1999 by Madison Avenue Investment  Partners,  LLC("MAIP"),  First Equity
     Realty , LLC ("First Equity"), The Harmony Group II, LLC ("Harmony Group"),
     Ronald M.  Dickerman  and Bryan E.  Gordon  (collectively,  the  "Reporting
     Persons"),  as amended by Amendment No. 1 thereto  dated  February 11, 2000
     (as amended,  the "Madison  Schedule  13G"),  each of MAIP,  First  Equity,
     Harmony Group and  Reporting  Persons may be deemed to constitute a "group"
     within the meaning of Section  13(d)(3) of the Exchange  Act.  According to
     the  Madison  Schedule  13D,  MAIP is the  controlling  person  of  various
     entities  which are the nominee  owners of, or the  successors by merger to
     the assets of nominee owners of, Limited Partner  Interest (the "Units") of
     the Issuer. As stated in the Madison Schedule 13D, these nominees,  none of
     which  beneficially  own  5% or  more  of the  Units,  are  ISA  Partnerhip
     Liquidity Investors,  Madison/AG  Partnership Value Partners III and Cobble
     Hill Investments, LP.

     According to the Madison Schedule 13D, the controlling  members of MAIP are
     The Harmony Group II, LLC, a Delaware  limited  liability  company of which
     Bryan E. Gordon is the Managing Member, and First Equity Realty, LLC, a New
     York limited liability company of which Ronald M. Dickerman is the Managing
     Member.



<PAGE>



     (2)According  to  the  Madison  Schedule  13G,  Madison  Avenue  Investment
     Partners,  LLC has sole  voting  and  dispositive  power  with  respect  to
     1,671.38 units of the Partnership.

     (3)According  to the Madison  Schedule 13G,  First Equity  Realty,  LLC has
     shared voting and  dispositive  power with respect to 1,671.38 units of the
     Partnership.

     (4)According  to the Madison  Schedule  13G, The Harmony  Group II, LLC has
     shared voting and  dispositive  power with respect to 1,671.38 units of the
     Partnership.

     (5)According  to the Madison  Schedule 13G,  Ronald M. Dickerman has shared
     voting  and  dispositive  power  with  respect  to  1,671.38  units  of the
     Partnership.

     (6)According to the Madison Schedule 13G, Bryan E. Gordon has shared voting
     and dispositive power with respect to 1,671.38 units of the Partnership.

     (7)According to the statement on Schedule 13D originally  filed on December
     12, 1996 by Equity Resources Group, Incorporated, Equity Resource Cambridge
     Fund Limited Partnership, Equity Resource General Fund Limited Partnership,
     Equity  Resource Fund XVI Limited  Partnership,  Equity  Resource Fund XVII
     Limited Partnership, Equity Resource Fund XIX Limited Partnership, James E.
     Brooks,  Marks S. Thompson and Eggert  Dagbjartsson as amended by Amendment
     No. 1 thereto  dated April 14,  1997 (as  amended,  the  "Equity  Resources
     Schedule 13D"), Equity Resources Group, Incorporated, James E. Brooks, Mark
     S.  Thompson  and  Eggert  Dagbjartsson,  in their  capacities  as  general
     partners of each of Equity  Resource  Cambridge  Fund Limited  Partnership,
     Equity Resource General fund Limited Partnership,  Equity Resource Fund XVI
     Limited  Partnership,  Equity  Resource Fund XVII Limited  Partnership  and
     Equity Resource Fund XIX Limited Partnership, respectively, share the power
     to vote or direct the vote and to dispose of or direct the  disposition  of
     1,704.5 units.

</FN>
</TABLE>

          The only interests held by management or its affiliates consist of its
     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.   Please  see  Note  H  to  the  Consolidated  Financial
Statements.

                                     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 Schedule included under Item 8 (Appendix
               A), on page F-2 of this Report.

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



<PAGE>



         (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
                              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 BRI OP Limited  Partnership,  formerly
                              known  as   Berkshire   Property   Management,   a
                              subsidiary  of  Berkshire  Realty  Company,   Inc.
                              [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)].*

                    Walden Pond Apartments

                    (10.4)    Management  Agreement  dated June 2, 1983  between
                              Krupp Realty Limited Partnership-IV, as Owner, and
                              BRI OP  Limited  Partnership,  formerly  known  as
                              Berkshire  Property  Management,  a subsidiary  of
                              Berkshire Realty Company,  Inc.  [Exhibit 10.19 to
                              Registrant's  Annual  Report  on Form  10-K  dated
                              December 31, 1983 (File No. 2-80650)].*

                    (10.5)    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)].*   (10.6)
                              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)].*

                    (10.7)    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)].*

                    (10.8)    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)].*

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

                    (10.10)   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)].*

                    (10.11)   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)].*

                    (10.12)   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
                              Annual Report on Form 10-K dated December 31, 1993
                              (File No. 0-11987)].*

                    (10.13)   First   Renewal,    Extension   and   Modification
                              Argreements   dated   February  28,  1999  between
                              Westbridge  Partners,  Ltd. and FirstTrust Savings
                              Bank. [Exhibit 10.1 to Registrant's Report on Form
                              10-Q dated March 31, 1999 (File No. 0-11987)].


                   Pavillion Apartments

                    (10.14)   Management  Agreement  dated June 2, 1983  between
                              Krupp Realty Limited Partnership-IV, as Owner, and
                              BRI OP  Limited  Partnership,  formerly  known  as
                              Berkshire  Property  Management,  a subsidiary  of
                              Berkshire Realty Company,  Inc.  [Exhibit 10.25 to
                              Registrant's  Annual  Report  on Form  10-K  dated
                              December 31, 1983 (File No. 2-80650)].*

                    (10.15)   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)].*

                    (10.16)   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)].*

                    (10.17)   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)].*

                    (10.18)   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)].*

                    (10.19)   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)].*

                    (10.20)   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
<PAGE>
                              Form 10-K for the year  ended  December  31,  1990
                              (File No. 0- 11987)].*

                    (10.21)   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)].*

                    (10.22)   Deed of Trust and Security  Agreement  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, 1999
                    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 30th day of March, 2000.

                                           KRUPP REALTY LIMITED PARTNERSHIP-IV

                                By:    The Krupp Corporation, a General Partner

                                By:    /s/ Douglas Krupp

                                       Douglas Krupp, President, 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 30th day of
          March, 2000.

     Signatures                              Titles
     ----------                              ----------------------------------

     /s/ Douglas Krupp                       President, Co-Chairman (Principal
     Douglas Krupp                           Executive 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/ Wayne H. Zarozny                    Treasurer (Principal Financial and
     Wayne H. Zarozny                        Accounting Officer) 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, 1999


















                                       F-1


<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, 1999 and
     December 31, 1998                                               F-4


     Consolidated Statements of Operations For the Years Ended
     December 31, 1999, 1998 and 1997                          F-5 - F-6


     Consolidated Statements of Changes in Partners' Deficit
     For the Years Ended December 31, 1999, 1998 and 1997            F-7


     Consolidated Statements of Cash Flows For the Years Ended
     December 31, 1999, 1998 and 1997                                F-8


     Notes to Consolidated Financial Statements               F-9 - F-16


     Schedule III - Real Estate and Accumulated Depreciation F-17 - F-18


     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.






















                                       F-2






<PAGE>





















                        REPORT OF INDEPENDENT ACCOUNTANTS


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


            In our  opinion,  the  consolidated  financial  statements  and  the
     financial  statement  schedule  listed  in the  index on page  F-2  present
     fairly, in all material  respects,  the financial  position of Krupp Realty
     Limited  Partnership- IV and Subsidiaries  (the  "Partnership") at December
     31, 1999 and  December 31, 1998,  and the results of their  operations  and
     their cash flows for each of the three years in the period  ended  December
     31, 1999, in conformity with accounting  principles  generally  accepted in
     the United  States.  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
     of  these  statements  in  accordance  with  auditing  standards  generally
     accepted in the United  States,  which require that we plan and perform the
     audit to obtain reasonable assurance about whether the financial statements
     are free of material misstatement.  An audit includes examining,  on a test
     basis,  evidence  supporting  the amounts and  disclosures in the financial
     statements,  assessing  the  accounting  principles  used  and  significant
     estimates  made  by  management,   and  evaluating  the  overall  financial
     statement  presentation.  We believe  that our audits  provide a reasonable
     basis for the opinion expressed above.


     /s/ PricewaterhouseCoopers LLP


     February 25, 2000



<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                           December 31, 1999 and 1998

<TABLE>
                                     ASSETS
<CAPTION>
                                                   1999               1998
                                               -----------        -----------
<S>                                             <C>              <C>
Multi-family apartment complexes,
  net of accumulated depreciation of
  $24,736,628 and $23,263,961, respectively
  (Notes D and E)                               $10,774,104       $11,585,489
Cash and cash equivalents (Note C)                  856,738           774,230
Prepaid expenses and other assets                   901,228           795,705
Deferred expenses, net of accumulated
  amortization of $291,101 and $256,510,
  respectively                                       56,498            90,528
                                                -----------       -----------

       Total assets                             $12,588,568       $13,245,952
                                                ===========       ===========


                        LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
  Mortgage notes payable (Note E)               $16,538,127       $16,933,049
  Due to affiliates (Note H)                         33,723            10,734
  Other liabilities (Note F)                        968,318           938,569
                                                -----------       -----------

       Total liabilities                         17,540,168        17,882,352
                                                -----------       -----------


Partners' deficit (Note G):
  Investor Limited Partners
    (30,000 Units outstanding)                   (3,279,094)       (2,979,654)
  Original Limited Partner                       (1,364,438)       (1,351,830)
  General Partners                                 (308,068)         (304,916)
                                                -----------       -----------

       Total Partners' deficit                   (4,951,600)       (4,636,400)
                                                -----------       -----------

       Total liabilities and Partners' deficit  $12,588,568       $13,245,952
                                                ===========       ===========
</TABLE>



















                     The accompanying notes are an integral
                 part of the consolidated financial statements.

                                       F-4

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                    CONSOLIDATED STATEMENTS OF OPERATIONS For
                the Years Ended December 31, 1999, 1998 and 1997


<TABLE>
<CAPTION>
                                          1999          1998          1997
                                      -----------   -----------   -----------

Revenue:
<S>                                   <C>           <C>           <C>
  Rental                              $ 6,989,114   $ 7,066,401   $ 7,667,293
  Other income (Note C)                    63,102       102,842        53,992
                                      -----------   -----------   -----------

    Total revenue                       7,052,216     7,169,243     7,721,285
                                      -----------   -----------   -----------

Expenses:
  Operating (Note H)                    1,830,422     1,916,491     2,169,020
  Maintenance                             594,780       606,271       677,491
  Real estate taxes                       701,956       724,018       759,158
  Management fees (Note H)                271,555       287,049       308,841
  General and administrative (Note H)     225,045       138,201       153,734
  Depreciation and amortization         1,537,145     1,762,642     2,179,399
  Interest (Note E)                     1,422,506     1,154,453     1,312,291
                                      -----------   -----------   -----------

    Total expenses                      6,583,409     6,589,125     7,559,934
                                      -----------   -----------   -----------

Income before minority
  interest, gain on sale of property
  and extraordinary loss                  468,807       580,118       161,351

Minority interest                          (4,438)       (6,028)       (4,235)

Gain on sale of property (Note D)            -        2,960,743          -
                                      -----------   -----------   -----------

Income before extraordinary
  loss                                    464,369     3,534,833       157,116

Extraordinary loss from early
  extinguishment of debt (Note D)            -         (389,523)         -
                                      -----------   -----------   -----------

Net income (Note I)                   $   464,369   $ 3,145,310   $   157,116
                                      ===========   ===========   ===========

Allocation of net income (loss) (Note G):

  Investor Limited Partners
    (30,000 Units outstanding):
    Income before gain on
      sale of property and
      extraordinary loss              $   441,150   $   545,386   $   149,260
    Gain on sale of property                 -        2,931,136          -
    Extraordinary loss                       -         (385,628)         -
                                      -----------   -----------   -----------

    Net income                        $   441,150   $ 3,090,894   $   149,260
                                      ===========   ===========   ===========

  Investor Limited Partners
    Per Unit:
    Income before gain on
      sale of property and
      extraordinary loss               $     14.71  $     18.18   $      4.98
    Gain on sale of property                 -            97.70          -
    Extraordinary loss                       -           (12.85)         -
                                       -----------  -----------   -----------

    Net income                         $     14.71  $    103.03   $      4.98
                                       ===========  ===========   ===========
</TABLE>

                                    Continued

                                       F-5

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                CONSOLIDATED STATEMENTS OF OPERATIONS, Continued
              For the Years Ended December 31, 1999, 1998 and 1997


<TABLE>
<CAPTION>
                                           1999         1998          1997
                                       -----------  -----------   -----------
<S>                                    <C>          <C>           <C>
  Original Limited Partner
    (100 Units outstanding):
    Income before gain on
      sale of property and
      extraordinary loss               $    18,575  $    22,964   $     6,285
    Gain on sale of property                  -            -             -
    Extraordinary loss                        -            -             -
                                       -----------  -----------   -----------

    Net income                         $    18,575  $    22,964   $     6,285
                                       ===========  ===========   ===========

  General Partners:
    Income before gain on
      sale of property and
      extraordinary loss               $     4,644  $     5,740   $     1,571
    Gain on sale of property                  -          29,607          -
    Extraordinary loss                        -          (3,895)         -
                                       -----------  -----------   -----------

    Net income                         $     4,644  $    31,452   $     1,571
                                       ===========  ===========   ===========

</TABLE>





























               The accompanying notes are an integral part of the
                       consolidated financial statements.

                                       F-6

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

             CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
              For the Years Ended December 31, 1999, 1998 and 1997


<TABLE>
<CAPTION>

                           Investor       Original                    Total
                           Limited        Limited       General       Partners'
                           Partners       Partner       Partners      Deficit
                         ------------   -----------   -----------   -----------
Balance at
<S>                      <C>            <C>           <C>           <C>
  December 31, 1996      $ (2,246,313)  $(1,298,552)  $  (296,967)  $(3,841,832)

Distributions              (1,119,903)      (47,158)      (11,790)   (1,178,851)

Net income                    149,260         6,285         1,571       157,116
                         ------------   -----------   -----------   -----------

Balance at
  December 31, 1997        (3,216,956)   (1,339,425)     (307,186)   (4,863,567)

Distributions              (2,853,592)      (35,369)      (29,182)   (2,918,143)

Net income                  3,090,894        22,964        31,452     3,145,310
                         ------------   -----------   -----------   -----------

Balance at
  December 31, 1998        (2,979,654)   (1,351,830)     (304,916)   (4,636,400)

Distributions
  (Note G)                   (740,590)      (31,183)       (7,796)     (779,569)

Net income (Note G)           441,150        18,575         4,644       464,369
                         ------------   -----------   -----------   -----------

Balance at
  December 31, 1999      $ (3,279,094)  $(1,364,438)  $  (308,068)  $(4,951,600)
                         ============   ===========   ===========   ===========
</TABLE>

The per Unit  distributions for the years ended December 31, 1999, 1998 and 1997
were  $24.69,  $95.12  and  $37.33,  respectively,  of which $0,  $67.12  and $0
represented a return of capital, respectively.




















                     The accompanying notes are an integral
                 part of the consolidated financial statements.

                                       F-7

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              For the Years Ended December 31, 1999, 1998 and 1997

<TABLE>
<CAPTION>

                                              1999         1998         1997
                                          -----------  -----------  -----------

Cash flows from operating activities:
<S>                                       <C>          <C>          <C>
  Net income                              $   464,369  $ 3,145,310  $   157,116
  Adjustment to reconcile net income
    to net cash provided by
    operating activities:
      Depreciation and amortization         1,537,145    1,762,642    2,179,399
      Interest earned on repair escrow           -         (12,898)        -
      Gain on sale of property                   -      (2,960,743)        -
      Extraordinary loss from early
        extinguishment of debt                   -         389,523         -
    Changes in assets and liabilities:
      Decrease (increase) in prepaid
        expenses and other assets            (105,521)      23,019      (42,867)
      Increase (decrease) in other
        liabilities                            23,850     (276,153)      (3,997)
      Increase (decrease) in due to
        affiliates                             22,989      (30,837)       9,179
      Releases from real estate tax
        and insurance escrows due to
        sale of property                         -          33,722         -
                                          -----------  -----------  -----------
          Net cash provided by
            operating activities            1,942,832    2,073,585    2,298,830
                                          -----------  -----------  -----------

Cash flows from investing activities:
  Deposits to replacement reserve and
    repair escrows                               -         (10,769)    (962,861)
  Withdrawals from replacement reserve
    and repair escrows                           -         315,159      691,827
  Release from replacement reserve
    escrow due to sale of property               -          11,493         -
  Additions to fixed assets                  (661,282)  (1,085,983)  (1,498,413)
  Increase (decrease) in other
    liabilities for fixed asset
    additions                                   5,899        1,994       (6,289)
  Proceeds from sale of property, net            -       5,711,482         -
                                          -----------  -----------  -----------
          Net cash used in (provided
            by) investing activities         (655,383)   4,943,376   (1,775,736)
                                          -----------  -----------  -----------

Cash flows from financing activities:
  Proceeds from note payable                     -            -         900,000
  Principal payments on mortgage
    notes payable                            (394,922)    (756,495)    (764,552)
  Repayment of mortgage note payable             -      (2,638,042)        -
  Decrease (increase) in deferred
    expenses                                  (30,450)       3,191      (33,082)
  Payment of prepayment premium                  -        (335,863)        -
  Distributions                              (779,569)  (2,918,143)  (1,178,851)
                                          -----------  -----------  -----------
          Net cash used in financing
            activities                     (1,204,941)  (6,645,352)  (1,076,485)
                                          -----------  -----------  -----------

Net increase (decrease) in cash and
  cash equivalents                             82,508      371,609     (553,391)

Cash and cash equivalents,
  beginning of year                           774,230      402,621      956,012
                                          -----------  -----------  -----------

Cash and cash equivalents, end of year    $   856,738  $   774,230  $   402,621
                                          ===========  ===========  ===========
</TABLE>
                     The accompanying notes are an integral
                 part of the consolidated financial statements.

                                       F-8

<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 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.  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
         received  subscriptions  for all  30,000  Units at $1,000  per Unit and
         therefore, the public offering was successfully completed on that date.

         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, an affiliate of the General Partners,  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, 1999,
         the Partnership owned three 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 I).

              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 transactions  have been eliminated.  At
              December  31,  1999 and 1998,  minority  interest  of $11,271  and
              $15,709, respectively, was included in other assets.

              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.

                                    Continued

                                       F-9

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     B.  Significant Accounting Policies, Continued

              Risks and Uncertainties, Continued

              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,  contingent  assets and  liabilities  and
              revenues and expenses during the reporting period.  Actual results
              could differ from those estimates.

              Cash and 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

              Real estate assets and equipment are stated at  depreciated  cost.
              Pursuant to Statement of Financial  Accounting  Standards  Opinion
              No. 121  "Accounting  for the Impairment of Long-Lived  Assets and
              for Long-Lived  Assets to be Disposed of",  impairment  losses are
              recorded on long-lived  assets used in operations on a property by
              property basis,  when events and  circumstances  indicate that the
              assets might be impaired and the estimated undiscounted cash flows
              to be generated by those assets are less than the carrying  amount
              of  those  assets.  Upon  determination  that  an  impairment  has
              occurred, those assets shall be reduced to fair value.

              Depreciation

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

                    Buildings and improvements                  3 to 25 years
                    Appliances, carpeting and equipment         3 to 8 years

              Deferred Expenses

              Costs of obtaining and recording  mortgages on the  properties are
              amortized  over the term of the related  mortgage  notes using the
              straight-line  method which  approximates  the effective  interest
              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.









                                    Continued

                                      F-10

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     B.  Significant Accounting Policies, Continued

              Descriptive Information About Reportable Segments

              The Partnership operates and develops apartment  communities which
              generate  rental and other income through the leasing of apartment
              units. The General Partners separately evaluate the performance of
              each of the Partnership's apartment communities.  However, because
              each  of  the   apartment   communities   have  similar   economic
              characteristics,  facilities,  services and tenants, the apartment
              communities have been aggregated into a single dominant  apartment
              communities segment.

              All  revenues  are from  external  customers  and no revenues  are
              generated  from  transactions  with other  segments.  There are no
              tenants which contributed 10% or more of the  Partnership's  total
              revenue during 1999, 1998 or 1997.

     C.  Cash and Cash Equivalents

         Cash and cash equivalents consisted of the following:
<TABLE>
<CAPTION>
                                               December 31,       December 31,
                                                  1999               1998
                                               ------------       ------------
<S>                                            <C>                <C>
            Cash and money market accounts     $    856,738       $    774,230
                                               ============       ============
</TABLE>


     D.     Sale of Indian Run Apartments

         On March 31, 1998, the Partnership sold Indian Run Apartments  ("Indian
         Run"), a 256-unit multi-family  apartment complex,  located in Abilene,
         Texas,  to  an  unaffiliated  third  party.  The  Partnership  received
         $5,850,000, less repayment of the mortgage note payable and interest of
         $2,658,664  and closing  costs of  $138,518.  For  financial  reporting
         purposes,  the  Partnership  realized a gain of $2,960,743 on the sale.
         The  gain was  calculated  as the  difference  between  the  property's
         selling price less net book value of the property and closing costs.

         In  conjunction  with the sale of the property on March 31,  1998,  the
         Partnership prepaid the mortgage note. As a result of the retirement of
         debt, the Partnership  incurred a prepayment  premium of $335,863.  The
         prepayment premium,  as well as unamortized  deferred mortgage costs of
         $53,660, are reported in the Consolidated Statement of Operations as an
         extraordinary loss from early extinguishment of debt.


















                                    Continued

                                      F-11

<PAGE>





              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     E.  Mortgage Notes Payable

         The properties  owned by the  Partnership are pledged as collateral for
         the  respective  non-recourse  mortgage  notes payable  outstanding  at
         December 31, 1999 and 1998.  Mortgage  notes  payable  consisted of the
         following:

<TABLE>
<CAPTION>
                                   Principal          Annual
                             ---------------------   Interest
            Property          1999        1998         Rate     Maturity Date
           -------------   ----------- ----------- ------------ -------------

<S>                        <C>          <C>         <C>        <C>
           Fenland Field
            Apartments     $ 3,873,996  $ 4,014,512    9.25%        June 1, 2000

           Walden Pond
            Apartments       5,986,927    6,171,477 see below  February 28, 2001

           Pavillion
            Apartments       6,677,204    6,747,060    9.25%         May 1, 2001
                            ----------- -----------

            Total           $16,538,127 $16,933,049
                            =========== ===========
</TABLE>

              Fenland Field Apartments

              The property is subject to a  non-recourse  mortgage note 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  are
              due.  The  note  may be  prepaid  subject  to  certain  prepayment
              premiums. The mortgage note is collateralized by the property.

              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
              $3,903,000   and   $4,157,000  at  December  31,  1999  and  1998,
              respectively.

              Indian Run Apartments

              In  conjunction  with the sale of the  property on March 31, 1998,
              the  Partnership  prepaid the  mortgage  note.  As a result of the
              retirement of debt, the Partnership  incurred a prepayment premium
              of  $335,863.  The  prepayment  premium,  as well  as  unamortized
              deferred   mortgage   costs  of  $53,660,   are  reported  in  the
              Consolidated Statement of Operations as an extraordinary loss from
              early extinguishment of debt (see Note D).














                                    Continued

                                      F-12

<PAGE>





              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     E. Mortgage Notes Payable, Continued

         Walden Pond Apartments

         On February 28, 1992, the prior wrap-around  mortgage note was modified
         in bankruptcy  court. The modified first mortgage note with a principal
         balance  of  $5,500,000,  which  has a stated  rate of  9.5%,  is being
         amortized  over a 30-year  period  and  requires  monthly  payments  of
         $46,247.   For  financial   reporting   purposes,   generally  accepted
         accounting   principles   required  the   Partnership   to  reduce  the
         outstanding  principal balance of the mortgage to the sum of the future
         cash flow payments required under the terms of the mortgage,  including
         a final payment on February 28, 1999 of approximately  $5,200,000.  All
         cash payments  made  subsequent  to the  restructure  are recorded as a
         reduction of the principal balance with no interest expense  recognized
         by the  Partnership.  The note may be prepaid  at any time,  subject to
         certain prepayment premiums.

         On July 31, 1997, the General Partners obtained a $900,000 non-recourse
         note (the "Note") for Walden Pond  Apartments from the same lender that
         holds the first  mortgage  note.  The Note bears  interest at a rate of
         9.5% per annum and,  commencing  September 1, 1997,  requires  monthly,
         interest-only  payments  until the maturity  date.  The Note matures on
         February 28, 1999,  simultaneous with the first mortgage note, at which
         time all  outstanding  principal and any accrued  interest are due. The
         Note may be  prepaid  in its  entirety  without  penalty,  upon 90 days
         written notice,  and  simultaneous  payment of the first mortgage note.
         Proceeds from the Note were  deposited  into an escrow account and will
         be used to fund capital  improvements at the property.  The Partnership
         paid closing costs of $33,082 to obtain the Note.

         On February 28, 1999 the General  Partners  refinanced  the Walden Pond
         mortgage  notes of  $5,500,000  and  $900,000  with  monthly  principal
         payments of $6,500 and $1,100,  respectively,  and interest payments at
         the  Contract  rate of  interest  equal to the  greater of (a) 0.5% per
         annum in excess  of the  prime  rate,  or (b) 8% per  annum.  The notes
         mature on February 28, 2001.

         Because the interest rate on Walden Pond's debt  fluctuates with market
         rates, the book value of the mortgages  approximates fair market value.
         The  fair  value  of  long-term  debt is  approximately  $5,234,000  at
         December 31, 1998.

         Pavillion Apartments

         The property is subject to a non-recourse mortgage note 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 are 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  $6,771,000 and $7,109,000 at December
         31, 1999 and 1998, respectively.

         Due to restrictions on transfers and prepayment, the Partnership may be
         unable to refinance  certain  mortgage notes payable at such calculated
         fair value.
                                    Continued


                                      F-13

<PAGE>




              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     E. Mortgage Notes Payable, Continued

         The aggregate scheduled  principal amounts of long-term  borrowings due
         during  the  five  years  ending  December  31,  2003  are  $4,041,797,
         $12,496,330, $0 and $0, $0 respectively.

         The  Partnership  paid  interest on its mortgage  notes of  $1,422,506,
         $1,154,453  and  $1,304,929  during the years ended  December 31, 1999,
         1998 and 1997, respectively.

     F. Other Liabilities

         Other  liabilities  consisted of the following at December 31, 1999 and
         1998:
<TABLE>
<CAPTION>
                                                   1999              1998
                                                 --------         ----------
<S>                                              <C>              <C>
                    Accounts payable             $ 39,845         $    2,802
                    Accrued real estate taxes     523,496            521,196
                    Other liabilities             255,300            258,203
                    Tenant security deposits      149,677            156,368
                                                 --------         ----------
                                                 $968,318         $  938,569
                                                 ========         ==========
</TABLE>

     G.  Partners' 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.
         Thereafter,  profits and losses will be  allocated  65% to the Investor
         Limited  Partners,  28% to the Original  Limited  Partner and 7% to the
         General Partners.

         In  accordance  with  the  Partnership  Agreement,   distributions  are
         generally  made on the same basis as the  allocations  of  profits  and
         losses described above.  Upon the occurrence of a capital  transaction,
         as defined in the  Partnership  Agreement,  proceeds will be applied to
         the payment of all debts and  liabilities of the  Partnership  then due
         and then fund any reserves for  contingent  liabilities.  Remaining net
         cash  proceeds  will then be  distributed  99% to the Investor  Limited
         Partners  until  they have  received a return of their  total  invested
         capital and 1% to the General  Partners,  thereafter  net cash proceeds
         will be distributed in accordance with the Partnership Agreement.

















                                    Continued

                                      F-14

<PAGE>




              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     G.  Partners' Deficit, Continued

         As of December 31, 1999, the following cumulative partner contributions
         and allocations have been made since inception of KRLP-IV:
<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             (8,714,638)   (366,945)  (91,734)  (9,173,317)
           Capital
             transactions         (5,313,560)       -      (53,673)  (5,367,233)
         Income (loss):
           Operations            (27,023,988) (1,299,415) (286,096) (28,609,499)
           Capital
             transactions         11,823,092     297,922   122,435   12,243,449
                                ------------ ----------- --------- ------------
         Balance at
           December 31, 1999    $ (3,279,094)$(1,364,438)$(308,068)$ (4,951,600)
                                ============ =========== ========= ============
</TABLE>

     H.  Related Party Transactions

         The  Partnership  pays property  management fees to an affiliate of the
         General Partners' for management  services.  Pursuant to the management
         agreements,  management fees are payable monthly at a rate of 5% of the
         gross receipts from the properties  under  management.  The Partnership
         also reimburses affiliates of the General Partners for certain expenses
         incurred in connection  with the operation of the  Partnership  and its
         properties including administrative expenses.

         Amounts  accrued or paid to the General  Partners'  affiliates  for the
         years ended December 31, 1999, 1998 and 1997 were as follows:

<TABLE>
<CAPTION>
                                            1999       1998       1997
                                          --------   --------   --------

<S>                                       <C>        <C>        <C>
             Property management fees     $271,555   $287,049   $308,841

             Expense reimbursements        269,037    275,788    268,443
                                          --------   --------   --------

               Charged to operations      $540,592   $562,837   $577,284
                                          ========   ========   ========
</TABLE>

         Due to affiliates  consisted of expense  reimbursements  of $33,723 and
         $10,734 at December 31, 1999 and 1998, respectively.

     I.  Federal Income Taxes

         For  federal  income tax  purposes,  the  Partnership  is  depreciating
         property using the  Accelerated  Cost Recovery  System ("ACRS") and the
         Modified  Accelerated Cost Recovery System ("MACRS") depending on which
         is applicable.






                                    Continued

                                      F-15

<PAGE>



              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


     I.  Federal Income Taxes, Continued

         The  reconciliation  of the net income (loss) for each year reported in
         the accompanying Consolidated Statement of Operations with the net loss
         reported in the  Partnership's  federal income tax return for the years
         ended December 31, 1999, 1998 and 1997 is as follows:

<TABLE>
<CAPTION>
                                              1999         1998         1997
                                           ----------   ----------   ----------
<S>                                        <C>          <C>          <C>
         Net income  per Consolidated
           Statement of Operations         $  464,369   $3,145,310   $  157,116

           Difference in book to tax
             depreciation for Fenland Field
             and Indian Run                   172,556      200,671       59,156

           Difference in Partnership's
             share of Pavillion Partners
             net loss for tax purposes        255,803      172,490       17,560


           Difference in Partnership's
             share of Westbridge Partners
             net income for tax purposes      390,020     (128,156)    (401,876)

           Difference between book and tax
             gain on sale of property            -       1,742,577         -
                                           ----------   ----------   ----------

         Net income (loss) for federal
           income tax purposes             $1,282,748   $5,132,892   $ (168,044)
                                           ==========   ==========   ==========
</TABLE>

         The  allocation  of the net income for federal  income tax purposes for
         1999 is as follows:

<TABLE>
<CAPTION>
                                  Portfolio    Passive
                                   Income       Income        Total
                                 ----------   ----------   -----------
<S>                              <C>          <C>          <C>
         Investor Limited
           Partners              $   58,583   $1,160,028   $ 1,218,611

         Original Limited
           Partner                    2,467       48,843        51,310

         General Partners               617       12,210        12,827
                                 ----------   ----------   -----------

                                 $   61,667   $1,221,081   $ 1,282,748
                                 ==========   ==========   ===========
</TABLE>

         During the years ended  December 31,  1999,  1998 and 1997 the per Unit
         net income (loss) to the Investor  Limited  Partners for federal income
         tax purposes was $40.62, $168.82 and $(5.32), respectively.

         The basis of the Partnership's  assets for financial reporting purposes
         exceeded its tax basis by  approximately  $3,594,000  and $3,789,000 at
         December   31,   1999  and  1998,   respectively.   The  basis  of  the
         Partnership's liabilities for financial reporting purposes is less than
         its tax basis by  approximately  $5,868,000  and $7,580,000 at December
         31, 1999 and 1998, respectively.


                                    Continued

                                      F-16

<PAGE>



       KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES SCHEDULE III -
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                               December 31, 1999

<TABLE>
<CAPTION>
                                                  Costs Capitalized
                              Intitial Cost         Subsequent to
                              to Partnership         Acquisition
                          ---------------------- -------------------
                                    Buildings &         Buildings &  Depreciable
Description  Encumbrances    Land   Improvements  Land  Improvements    Life
-----------  ------------ --------- ------------ ------ ------------ -----------

<S>          <C>         <C>        <C>         <C>    <C>         <C>
Fenland Field
Apartments
Columbia, MD $ 3,873,996 $  365,262 $ 4,852,767 $  407 $2,902,623  3 to 25 Years

Walden Pond
Apartments
Houston, TX(a) 5,986,927    906,253  12,040,217  1,211  2,701,441  3 to 25 Years

Pavillion
Apartments
Garland, TX    6,677,204    680,621   9,042,535  1,199  2,016,196  3 to 25 Years
             ----------- ---------- ----------- ------ ----------

   Total     $16,538,127 $1,952,136 $25,935,519 $2,817 $7,620,260
             =========== ========== =========== ====== ==========
</TABLE>
<TABLE>
<CAPTION>
                   Gross Amounts Carried at
                           End of Year
             ----------------------------------
                         Buildings                           Year
                            and                 Accumulated  Construction Year
Description     Land    Improvements    Total   Depreciation Completed  Acquired
-----------  ---------- ------------ ---------- ------------ ---------- --------

<S>          <C>         <C>         <C>          <C>            <C>      <C>
Fenland Field
Apartments
Columbia, MD $  365,669  $ 7,755,390 $ 8,121,059  $ 5,906,106    1970     1983

Walden Pond
Apartments
Houston, TX     907,464   14,741,658  15,649,122   10,799,030    1982     1983

Pavillion
Apartments
Garland, TX     681,820   11,058,731  11,740,551    8,031,492    1983     1983
             ----------  ----------- -----------  -----------

  Total      $1,954,953  $33,555,779 $35,510,732  $24,736,628
             ==========  =========== ===========  ===========
</TABLE>

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











                                    Continued

                                      F-17

<PAGE>


              KRUPP REALTY LIMITED PARTNERSHIP-IV AND SUBSIDIARIES

       SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Continued
                                December 31, 1999


         Reconciliation of Real Estate and Accumulated  Depreciation for each of
         the three years in the period ended December 31, 1999:

<TABLE>
<CAPTION>
                                      1999           1998             1997
                                  ------------   ------------     ------------

         Real Estate
         -----------
<S>                               <C>             <C>             <C>
         Balance at beginning
           of year                $ 34,849,450    $ 41,807,070    $ 40,308,657
         Acquisition
           and improvements            661,282       1,085,983       1,498,413
         Sale of property                 -         (8,043,603)           -
                                  ------------    ------------    ------------

         Balance at end of year   $ 35,510,732    $ 34,849,450    $ 41,807,070
                                  ============    ============    ============
</TABLE>
<TABLE>
<CAPTION>
                                      1999            1998            1997
                                  ------------    ------------    ------------

         Accumulated Depreciation
         ------------------------
<S>                               <C>             <C>             <C>
         Balance at beginning
           of year                $ 23,263,961    $ 26,859,567    $ 24,742,332
         Depreciation expense        1,472,667       1,697,258       2,117,235
         Sale of property                 -         (5,292,864)           -
                                  ------------    ------------    ------------

         Balance at end of year   $ 24,736,628    $ 23,263,961    $ 26,859,567
                                  ============    ============    ============
</TABLE>

         The  Partnership  uses the cost basis for property  valuation  for both
         income tax and financial statement purposes.  The aggregate cost of the
         Partnership's  real estate for federal  income tax purposes at December
         31, 1999 is $35,515,681 and the aggregate accumulated  depreciation for
         federal income tax purposes is $29,305,219.

                                      F-18