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

                                   Form 10-QSB

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

              For the quarterly period ended September 30, 2004


[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


           For the transition period from __________ to __________

                         Commission file number 0-10884


                              SHELTER PROPERTIES IV
      (Exact name of small business issuer as specified in its charter)



         South Carolina                                          57-0721760
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

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


Check  whether the issuer (i) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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 ___

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS



                              SHELTER PROPERTIES IV
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                               September 30, 2004

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 504
   Receivables and deposits                                                      824
   Restricted escrows                                                            230
   Other assets                                                                  964
   Investment properties:
      Land                                                    $ 2,759
      Buildings and related personal property                   55,063
                                                                57,822
      Less accumulated depreciation                            (37,388)       20,434
                                                                            $ 22,956

Liabilities and Partners' Capital (Deficiency)
Liabilities
   Accounts payable                                                          $ 247
   Tenant security deposit liabilities                                           192
   Accrued property taxes                                                        593
   Other liabilities                                                             466
   Mortgage notes payable                                                     32,609

Partners' Capital (deficiency)
   General partners                                             $ 97
   Limited partners (49,995 units issued and
      outstanding)                                             (11,248)      (11,151)
                                                                            $ 22,956

                See Accompanying Notes to Financial Statements
</TABLE>

PAGE>

                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                          Three Months Ended          Nine Months Ended
                                            September 30,               September 30,
                                          2004          2003         2004          2003
Revenues:
<S>                                      <C>          <C>           <C>           <C>
  Rental income                          $ 2,369      $ 2,424       $ 6,966       $ 7,123
  Other income                               258          254           711           681
      Total revenues                       2,627        2,678         7,677         7,804

Expenses:
  Operating                                1,219        1,161         3,249         3,310
  General and administrative                  56           69           195           214
  Depreciation                               568          571         1,732         1,723
  Interest                                   317          271           907           838
  Property taxes                             198          156           594           501
      Total expenses                       2,358        2,228         6,677         6,586

Net income                                $ 269        $ 450        $ 1,000       $ 1,218

Net income allocated to general
  partners (1%)                            $ 3          $ 4          $ 10          $ 12
Net income allocated to limited
  partners (99%)                             266          446           990         1,206

                                          $ 269        $ 450        $ 1,000       $ 1,218

Net income per limited partnership
  unit                                   $ 5.32        $ 8.92       $ 19.80       $ 24.12

Distributions per limited
  partnership unit                       $ 6.92       $ 14.15       $ 34.94       $ 55.67

                See Accompanying Notes to Financial Statements
</TABLE>

                              SHELTER PROPERTIES IV
     CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIENCY)
                                   (Unaudited)
                        (in thousands, except unit data)


<TABLE>
<CAPTION>

                                       Limited
                                     Partnership     General      Limited
                                        Units        Partners    Partners      Total

<S>                                    <C>              <C>       <C>        <C>
Original capital contributions         50,000           $ 2       $ 50,000   $ 50,002

Partners' capital (deficiency)
   at December 31, 2003                49,995         $ 105     $ (10,491)   $(10,386)

Distributions to partners                  --            (18)      (1,747)     (1,765)

Net income for the nine months
   ended September 30, 2004                --             10          990       1,000

Partners' capital (deficiency)
   at September 30, 2004               49,995          $ 97      $(11,248)   $(11,151)

                See Accompanying Notes to Financial Statements
</TABLE>


                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                   2004       2003
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net income                                                    $ 1,000      $ 1,218
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                 1,732        1,723
     Amortization of loan costs                                     110           24
     Change in accounts:
      Receivables and deposits                                     (494)        (251)
      Other assets                                                 (170)        (198)
      Accounts payable                                              (87)        (108)
      Tenant security deposit liabilities                           (51)          23
      Accrued property taxes                                        353          501
      Other liabilities                                              (8)        (120)
         Net cash provided by operating activities                2,385        2,812

Cash flows from investing activities:
  Property improvements and replacements                           (643)        (733)
  Net withdrawals from (deposits to) restricted escrows               5           (1)
         Net cash used in investing activities                     (638)        (734)

Cash flows from financing activities:
  Loan costs paid                                                    --          (27)
  Distributions to partners                                      (1,765)      (2,807)
  Payments on mortgage notes payable                               (637)        (617)
         Net cash used in financing activities                   (2,402)      (3,451)

Net decrease in cash and cash equivalents                          (655)      (1,373)
Cash and cash equivalents at beginning of period                  1,159        1,986
Cash and cash equivalents at end of period                       $ 504        $ 613

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 854        $ 877

Supplemental disclosure of non-cash flow information:
  Property improvements and replacements in accounts
    payable                                                      $ 174        $ --

                See Accompanying Notes to Financial Statements
</TABLE>


                              SHELTER PROPERTIES IV
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  IV  (the  "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with  the  instructions  to Form  10-QSB  and  Item 310 (b) of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the  opinion of Shelter  Realty IV  Corporation  (the
"Corporate  General Partner"),  all adjustments  (consisting of normal recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating results for the three and nine month periods ended September 30, 2004,
are not necessarily  indicative of the results that may be expected for the year
ending  December 31, 2004. For further  information,  refer to the  consolidated
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2003. The Corporate
General Partner is a subsidiary of Apartment  Investment and Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Note B - Reconciliation of Cash Flows

As required by the Partnership  Agreement,  the following is a reconciliation of
"net cash provided by operating  activities"  in the  accompanying  consolidated
statements  of cash  flows to "net  cash from  operations",  as  defined  in the
Partnership  Agreement.  However,  "net  cash  from  operations"  should  not be
considered  an  alternative  to net income as an indicator of the  Partnership's
operating performance or to cash flows as a measure of liquidity.

<TABLE>
<CAPTION>

                                                        For the Nine Months Ended
                                                              September 30,
                                                            2004           2003
                                                             (in thousands)

<S>                                                      <C>              <C>
     Net cash provided by operating activities           $ 2,385          $ 2,812
        Payments on mortgage notes payable                  (637)            (617)
        Property improvements and replacements              (643)            (733)
        Change in restricted escrows, net                      5               (1)
        Changes in reserves for net operating
          liabilities                                        457              153
        Additional reserves                               (1,567)          (1,614)
           Net cash from operations                       $ --             $ --
</TABLE>


For the nine months ended  September 30, 2004 and 2003,  the  Corporate  General
Partner reserved approximately $1,567,000 and $1,614,000,  respectively, to fund
capital improvements and repairs at the Partnership's properties.

Distributions made from reserves no longer considered necessary by the Corporate
General  Partner are  considered to be additional  net cash from  operations for
allocation purposes.


<PAGE>

Note C - Transactions with Affiliated Parties

The  Partnership  has no employees and depends on the Corporate  General Partner
and its  affiliates for the management  and  administration  of all  Partnership
activities.  The  Partnership  Agreement  provides  for (i) certain  payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from both of the Partnership's properties as compensation for providing
property  management  services.  During the nine months ended September 30, 2004
and 2003, the  Partnership  paid to such affiliates  approximately  $374,000 and
$388,000, respectively, which is included in operating expense.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $197,000 and
$220,000 for the nine months ended  September  30, 2004 and 2003,  respectively,
which  is  included  in  general  and  administrative   expense  and  investment
properties.   Included  in  these  amounts  are  fees  related  to  construction
management services provided by an affiliate of the Corporate General Partner of
approximately  $36,000 and $55,000 for the nine months ended  September 30, 2004
and 2003, respectively.  The construction management service fees are calculated
based upon a percentage of additions to the investment properties.

Pursuant  to the  Partnership  Agreement  and in  connection  with  the  sale of
Countrywood Village in August of 2000, the Corporate General Partner is entitled
to a  commission  of up to 1% for its  assistance  in the sale.  Payment of such
commission  is  subordinate  to the limited  partners  receiving a cumulative 7%
return on their  investment.  This return has not yet been met, and accordingly,
the  commission of $178,000 was accrued and is included in other  liabilities in
the accompanying consolidated balance sheet at September 30, 2004.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General Partner.  During the nine months ended September 30, 2004 and
2003,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$164,000 and $172,000,  respectively, for insurance coverage and fees associated
with policy claims administration.

Note D - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23,  2004,  the  Corporate  General  Partner  and its  affiliates  filed a
response  brief in support  of the  settlement  and the  judgment  thereto.  The
plaintiffs  have also  filed a brief in support  of the  settlement.  On June 4,
2004,  Objector filed a reply to the briefs  submitted by the Corporate  General
Partner and  Plaintiffs.  In addition  both the  Objector and  plaintiffs  filed
briefs in  connection  with the second  appeal.  The Court of Appeals heard oral
argument  on both  appeals on  September  22,  2004 and took the  matters  under
submission.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Corporate  General Partner.  The complaint is styled
as a Collective  Action under the FLSA and seeks to certify state  subclasses in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Corporate  General  Partner  does not believe that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor rebates, capitalization of payroll and certain other costs and tax credit
transactions.  AIMCO is cooperating fully. AIMCO is not able to predict when the
matter will be resolved.  AIMCO does not believe that the ultimate  outcome will
have a  material  adverse  effect on its  consolidated  financial  condition  or
results of operations. Similarly, the Corporate General Partner does not believe
that  the  ultimate   outcome  will  have  a  material  adverse  effect  on  the
Partnership's consolidated financial condition or results of operations.



<PAGE>



ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for each of
the nine months ended September 30, 2004 and 2003:

                                                            Average
                                                           Occupancy
       Property                                        2004          2003

       Baymeadows Apartments
         Jacksonville, Florida                         94%            95%

       Quail Run Apartments
         Columbia, South Carolina                      84%            88%

The Corporate General Partner  attributes the decrease in occupancy at Quail Run
Apartments to military  deployments,  unemployment in the area, and low mortgage
rates that encourage home ownership.

The  Partnership's  financial  results depend upon a number of factors including
the  ability to attract  and  maintain  tenants  at the  investment  properties,
interest  rates on mortgage  loans,  costs  incurred  to operate the  investment
properties,  general  economic  conditions  and weather.  As part of the ongoing
business plan of the  Partnership,  the Corporate  General Partner  monitors the
rental market environment of its investment properties to assess the feasibility
of increasing rents,  maintaining or increasing  occupancy levels and protecting
the Partnership from increases in expenses.  As part of this plan, the Corporate
General  Partner  attempts  to  protect  the  Partnership  from  the  burden  of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall  occupancy level.  However,  the Corporate  General Partner may use
rental  concessions  and  rental  rate  reductions  to offset  softening  market
conditions;  accordingly,  there  is no  guarantee  that the  Corporate  General
Partner will be able to sustain such a plan.  Further,  a number of factors that
are outside the control of the  Partnership,  such as the local economic climate
and weather,  can adversely or  positively  affect the  Partnership's  financial
results.



<PAGE>


Results of Operations

The  Partnership's  net income for the three and nine months ended September 30,
2004 was approximately  $269,000 and $1,000,000,  respectively,  compared to net
income of approximately $450,000 and $1,218,000 for the corresponding periods in
2003.  The decrease in net income for the three and nine month periods is due to
a decrease in total revenues and an increase in total  expenses.  Total revenues
decreased for both periods due to a decrease in rental income,  partially offset
by an increase in other  income.  Rental  income  decreased  due to decreases in
occupancy and the average rental rate at Quail Run Apartments and an increase in
bad debt expense at both investment  properties.  Other income  increased due to
increases in lease  cancellation fees and late charges at Baymeadows  Apartments
partially  offset by  decreases in utility  reimbursements  and  corporate  unit
rental at Quail Run Apartments.

For the three months ended September 30, 2004,  total expenses  increased due to
increases in operating,  interest and property tax expenses, partially offset by
a decrease  in general and  administrative  expense.  For the nine months  ended
September 30, 2004,  total  expenses  increased due to increases in interest and
property tax  expenses,  partially  offset by decreases in operating and general
and  administrative  expenses.  For the three month period,  operating  expenses
increased  due to increases in  advertising  and  property  expenses,  partially
offset by decreases in insurance and  maintenance  expenses.  For the nine month
period,   operating  expenses  decreased  due  to  decreases  in  insurance  and
maintenance expenses,  partially offset by increases in advertising and property
expenses.  For both periods,  advertising  expense increased due to increases in
resident relations and promotions,  primarily at Baymeadows Apartments. Property
expense  increased  due to an increase  in payroll and related  benefits at both
investment  properties  and an increase in  corporate  unit expense at Quail Run
Apartments.  Insurance  expense  decreased due to a decrease in hazard insurance
premiums  at  Baymeadows  Apartments.   Maintenance  expense  decreased  due  to
decreases  in contract  labor,  repairs and supplies at  Baymeadows  Apartments,
partially  offset by an increase in contract  labor at Quail Run  Apartments and
due to the accrual for the estimated  costs of clean up from the hurricanes that
affected Baymeadows0 Apartments. Interest expense for both periods increased due
to an increase  in loan cost  amortization  at  Baymeadows  Apartments  due to a
change  in the  amortization  period.  Property  tax  expense  for both  periods
increased  due to an  increase  in the tax rate at Quail Run  Apartments  and an
increase in the assessed value at Baymeadows Apartments.

General  and  administrative  expense  decreased  for the three  and nine  month
periods due to a decrease in the expected cost of the annual audit.  Included in
general and administrative  expense for the nine months ended September 30, 2004
and 2003 are  management  reimbursements  to the  Corporate  General  Partner as
allowed under the Partnership Agreement. In addition,  costs associated with the
quarterly and annual  communications  with investors and regulatory agencies and
the annual audit  required by the  Partnership  Agreement  are also  included in
general and administrative expense.

Liquidity and Capital Resources

At  September  30,  2004,  the  Partnership  had cash and  cash  equivalents  of
approximately $504,000 compared to approximately $613,000 at September 30, 2003.
Cash and cash equivalents  decreased  approximately  $655,000 since December 31,
2003 due to approximately  $638,000 and $2,402,000 of cash used in investing and
financing activities, respectively, partially offset by approximately $2,385,000
of cash  provided by operating  activities.  Cash used in  investing  activities
consisted of property  improvements  and  replacements  partially  offset by net
withdrawals from restricted escrows. Cash used in financing activities consisted
of  distributions  to the partners and principal  payments made on the mortgages
encumbering the Partnership's  properties.  The Partnership  invests its working
capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating needs of the Partnership and to comply with Federal,
state,  and local  legal and  regulatory  requirements.  The  Corporate  General
Partner  monitors  developments in the area of legal and regulatory  compliance.
For example,  the  Sarbanes-Oxley  Act of 2002  mandates or suggests  additional
compliance  measures  with  regard to  governance,  disclosure,  audit and other
areas.  In light of these changes,  the  Partnership  expects that it will incur
higher expenses related to compliance.  Capital improvements planned for each of
the Partnership's properties are detailed below.

Baymeadows  Apartments:  During the nine months ended  September  30, 2004,  the
Partnership  completed   approximately   $395,000  of  capital  improvements  at
Baymeadows  Apartments,   consisting  primarily  of  structural  and  electrical
upgrades and plumbing fixture,  water heater,  floor covering,  air conditioning
unit, and appliance replacements.  These improvements were funded from operating
cash flow and  replacement  reserves.  The  Partnership  evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $102,000 in capital  improvements during the remainder of
2004.  Additional capital  improvements may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Quail Run  Apartments:  During the nine months ended  September  30,  2004,  the
Partnership  completed  approximately  $422,000 of capital improvements at Quail
Run Apartments, consisting primarily of structural upgrades, siding replacement,
and air conditioning  unit, floor covering,  cabinet,  and gutter  replacements.
These  improvements  were  funded  from  operating  cash flow.  The  Partnership
evaluates  the capital  improvement  needs of the  property  during the year and
currently  expects to  complete  an  additional  $7,000 in capital  improvements
during the remainder of 2004.  Additional capital improvements may be considered
and will depend on the physical condition of the property as well as anticipated
cash flow generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  and  Partnership  reserves.  To the extent that such  budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive of capital improvements) of the Partnership. Approximately $7,993,000
of the mortgage indebtedness is being amortized over 240 months at which time it
is scheduled to be fully amortized.  The remaining indebtedness of approximately
$24,616,000  is being  amortized  over 360  months  with a  balloon  payment  of
approximately  $22,714,000 due in September 2007. The Corporate  General Partner
has the option to extend the maturity on this loan for another five years. After
that period,  the  Corporate  General  Partner  will  attempt to refinance  such
indebtedness  and/or  sell the  property  prior  to the  maturity  date.  If the
property cannot be refinanced or sold for a sufficient  amount,  the Partnership
will risk losing the property through foreclosure.


<PAGE>



The Partnership  distributed the following  amounts during the nine months ended
September 30, 2004 and 2003 (in thousands except per unit data):

<TABLE>
<CAPTION>

                     Nine Months                       Nine Months
                        Ended         Per Limited         Ended         Per Limited
                    September 30,     Partnership     September 30,     Partnership
                         2004             Unit             2003             Unit

<S>                     <C>              <C>              <C>              <C>
Operations              $1,765           $34.94           $2,483           $49.18
Refinancing (1)             --               --              324             6.49
                        $1,765           $34.94           $2,807           $55.67
</TABLE>

(1)   Remaining  proceeds  from the  refinancing  of  Baymeadows  Apartments  in
      November 2002.

Future cash  distributions  will depend on the levels of net cash generated from
operations, the availability of cash reserves and the timing of debt maturities,
refinancings  and/or  property  sales.  The  Partnership's  cash  available  for
distribution is reviewed on a monthly basis.  There can be no assurance that the
Partnership  will generate  sufficient  funds from  operations,  after  required
capital expenditures, to permit any further distributions to its partners in the
year 2004 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 34,466 limited  partnership  units
(the "Units") in the Partnership representing 69.94% of the outstanding Units at
September  30,  2004. A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  In this regard, on November
5, 2004 AIMCO Properties L.P. made a tender offer to purchase any and all of the
Units not owned by affiliates of AIMCO for a purchase price of $397.68 per Unit.
The tender offer expires on December 7, 2004,  unless extended.  Pursuant to the
Partnership Agreement,  unitholders holding a majority of the Units are entitled
to take action with  respect to a variety of matters that  include,  but are not
limited to, voting on certain amendments to the Partnership Agreement and voting
to remove the Corporate General Partner.  As a result of its ownership of 69.94%
of the outstanding  Units, AIMCO and its affiliates are in a position to control
all  such  voting  decisions  with  respect  to the  Partnership.  Although  the
Corporate  General Partner owes fiduciary  duties to the limited partners of the
Partnership,  the Corporate  General Partner also owes fiduciary duties to AIMCO
as its sole  stockholder.  As a  result,  the  duties of the  Corporate  General
Partner,  as  corporate  general  partner,  to the  Partnership  and its limited
partners may come into conflict with the duties of the Corporate General Partner
to AIMCO as its sole stockholder.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles   generally  accepted  in  the  United  States,   which  require  the
Partnership to make estimates and assumptions.  The Partnership believes that of
its significant  accounting policies,  the following may involve a higher degree
of judgment and complexity.

<PAGE>


Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Corporate  General Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer and  principal  financial  officer of the  Corporate  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23,  2004,  the  Corporate  General  Partner  and its  affiliates  filed a
response  brief in support  of the  settlement  and the  judgment  thereto.  The
plaintiffs  have also  filed a brief in support  of the  settlement.  On June 4,
2004,  Objector filed a reply to the briefs  submitted by the Corporate  General
Partner and  Plaintiffs.  In addition  both the  Objector and  plaintiffs  filed
briefs in  connection  with the second  appeal.  The Court of Appeals heard oral
argument  on both  appeals on  September  22,  2004 and took the  matters  under
submission.


The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Corporate  General Partner.  The complaint is styled
as a Collective  Action under the FLSA and seeks to certify state  subclasses in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Corporate  General  Partner  does not believe that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

ITEM 6.     EXHIBITS


                  See Exhibit Index attached.



<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    SHELTER PROPERTIES IV


                                    By:   Shelter Realty IV Corporation
                                          Corporate General Partner


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                    By:   /s/Stephen B. Waters
                                          Stephen B. Waters
                                          Vice President


                                    Date: November 12, 2004





<PAGE>


                                  EXHIBIT INDEX


Exhibit     Description of Exhibit

 3          See Exhibit 4(a)

 4    (a)   Amended  and  Restated   Certificate   and  Agreement  of  Limited
            Partnership   (included  as  Exhibit  A  to  the   Prospectus   of
            Registrant  dated June 8, 1982  contained  in  Amendment  No. 1 to
            Registration  Statement No. 2-77217,  of Registrant  filed June 8,
            1982 (the "Prospectus") and incorporated herein by reference).

      (b)   Subscription  Agreement and Signature Page (included as Exhibit 8 to
            the Prospectus and incorporated herein by reference).

10(i) Contracts related to acquisition of properties:

      (a)   Real Estate Sales Agreement dated May 5, 1982, First  Modification
            to Real  Estate  Agreement  dated June 18,  1982 (filed as Exhibit
            12(b) to Amendment No. 1 to Registration  Statement No. 2-77217 of
            Registrant  filed  June  8,  1982  and   incorporated   herein  by
            reference) and Second  Modification to Real Estate Sales Agreement
            dated  September 30, 1982 between  Baymeadows  Associates and U.S.
            Shelter  Corporation to purchase  Baymeadows  Apartments (filed as
            Exhibit  10(a) to Form 10-K of  Registrant  dated January 26, 1983
            and incorporated herein by reference).

      (d)   Real Estate Purchase  Agreement dated December 3, 1982 between Quail
            Run Apartments,  a Limited Partnership and Percival  Partnership and
            U.S. Shelter Corporation to purchase Quail Run Apartments. (Filed as
            Exhibit 10(b) to Form 8-K of Registrant  dated December 15, 1982 and
            incorporated herein by reference.)

(ii)        Form  of  Management   Agreement  with  U.S.   Shelter   Corporation
            subsequently  assigned to Shelter  Management Group, L.P. (now known
            as Insignia  Management Group, L.P.). (Filed with Amendment No. 1 of
            Registration  Statement No.  2-86995 of  Registrant  filed March 21,
            1984 and incorporation herein by reference.)

(iii) Contracts related to refinancing of debt:

      (g)   Multifamily Note dated June 14, 2002,  between Shelter Properties IV
            and  Keycorp  Real  Estate  Capital  Markets,  Inc.  for  Quail  Run
            Apartments. (Filed as Exhibit 10(iii)g to Form 10-QSB - Quarterly or
            Transitional  Report filed November 13, 2002 and incorporated herein
            by reference.)

      (j)   Consolidated,  Amended and Restated  Multifamily Note dated November
            1, 2002 between Shelter  Properties IV and GMAC Commercial  Mortgage
            Corporation.*

      (k)   Guaranty dated November 1, 2002 by AIMCO  Properties,  L.P., for the
            benefit of GMAC Commercial Mortgage Corporation.*

      (l)   Consolidated Amended and Restated Payment Guaranty dated November 1,
            2002 by Shelter  Properties  IV for the  benefit of GMAC  Commercial
            Mortgage Corporation.*

      (m)   Completion/Repair  and  Security  Agreement  dated  November 1, 2002
            between  Shelter   Properties  IV  and  GMAC   Commercial   Mortgage
            Corporation   for   the   benefit   of  GMAC   Commercial   Mortgage
            Corporation.*

            *Filed as Exhibits 10(iii)j through 10(iii)m,  respectively, to Form
            8-K of Registrant dated November 15, 2002 and incorporated herein by
            reference.

28          (a)  Agreement  of  Limited  Partnership  for Quail  Run IV  Limited
            Partnership  between  Shelter IV GP Limited  Partnership and Shelter
            Properties  IV entered into on February 12, 1992.  (Filed as Exhibit
            28 to Form 10QSB - Quarterly or  Transitional  Report filed June 11,
            1993 and incorporated herein by reference.)

31.1        Certification  of equivalent of Chief Executive  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2        Certification  of equivalent of Chief Financial  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1        Certification  Pursuant  to  18  U.S.C.  Section  1350,  as  Adopted
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.




<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Shelter Properties
      IV;

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

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

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  November 12, 2004

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President of Shelter  Realty IV
                                    Corporation,   equivalent   of   the   chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Shelter Properties
      IV;

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

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

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  November 12, 2004

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice   President  of  Shelter   Realty  IV
                                    Corporation,   equivalent   of  the  chief
                                    financial officer of the Partnership


<PAGE>


Exhibit 32.1


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



In connection with the Quarterly Report on Form 10-QSB of Shelter  Properties IV
(the "Partnership"),  for the quarterly period ended September 30, 2004 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
Martha  L.  Long,  as the  equivalent  of the  chief  executive  officer  of the
Partnership,  and Stephen B. Waters,  as the  equivalent of the chief  financial
officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

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

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


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  November 12, 2004


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 12, 2004


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