FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report
                   (As last amended by 34-32231, eff. 6/3/93.)

                                        
                    U. S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                 For the quarterly period ended January 31, 1996

                                       or
                                        
[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


                  For the transition period.........to.........

                         Commission file number 0-10884


                SHELTER PROPERTIES IV LIMITED PARTNERSHIP
       (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.)

One Insignia Financial Plaza, P.O. Box 1089
      Greenville, South Carolina                            29602
(Address of principal executive offices)                  (Zip Code)

                    Issuer's telephone number (864) 239-1000

Check whether the issuer (1) 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      .
                                                                         
                                                                    


                       PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)

                                January 31, 1996

 Assets                                                                     
    Cash and cash equivalents:                                              
       Unrestricted                                              $ 1,651,303
       Restricted--tenant security deposits                          246,370
    Accounts receivable                                               26,941
    Escrow for taxes                                                 203,505
    Restricted escrows                                             1,643,593
    Other assets                                                     608,075
    Investment properties:                                                  
       Land                                      $  3,442,097               
       Buildings and related personal property     54,872,023               
                                                   58,314,120               
       Less accumulated depreciation              (28,982,974)    29,331,146
                                                                            
                                                                 $33,710,933
                                                                            
 Liabilities and Partners' Capital (Deficit)                                
 Liabilities                                                                
    Accounts payable                                             $   228,485
    Tenant security deposits                                         250,965
    Accrued taxes                                                     62,651
    Other liabilities                                                272,279
    Mortgage notes payable                                        24,953,269
                                                                           
 Partners' Capital                                                          
    General partners                             $     (4,931)              
    Limited partners (50,000 units                                          
       issued and outstanding)                      7,948,215      7,943,284
                                                                            
                                                                 $33,710,933
                                                                            

           See Accompanying Notes to Consolidated Financial Statements

b)                 SHELTER PROPERTIES IV LIMITED PARTNERSHIP 

                       CONSOLIDATED STATEMENTS OF OPERATIONS        
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                             
                                               Three Months Ended January 31,
                                                   1996             1995  
<S>                                            <C>               <C>
 Revenues:                                                                    
    Rental income                               $2,531,197        $2,388,648
    Other income                                   147,677           127,295  
       Total revenues                            2,678,874         2,515,943  
 Expenses:                                                                            
    Operating                                      694,209           695,540   
    General and administrative                      89,716            69,704          
    Property management fees                       132,757           123,898          
    Maintenance                                    446,174           717,980          
    Depreciation                                   445,765           426,153          
    Interest                                       569,444           579,131          
    Property taxes                                 183,104           169,583          
       Total expenses                            2,561,169         2,781,989          
                                                                                      
 Net income (loss)                              $  117,705        $ (266,046)         
                                                                                      
 Net income (loss) allocated                                                          
    to general partners (1%)                    $    1,177        $   (2,660)         
 Net income (loss) allocated                                                          
    to limited partners (99%)                      116,528          (263,386)         
                                                $  117,705        $ (266,046)         
 Net income (loss) per limited                                               
    partnership unit                            $     2.33        $    (5.27)

<FN>
           See Accompanying Notes to Consolidated Financial Statements

</TABLE>

c)                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP

        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) 
                                  (Unaudited) 
<TABLE>
<CAPTION>
                                                                              
                                    Limited                
                                  Partnership   General      Limited
                                      Units     Partners     Partners        Total    
<S>                                <C>        <C>         <C>            <C>                        
 Original capital contributions     50,000     $  2,000    $50,000,000    $50,002,000

 Partners' capital at                                                                
  October 31, 1995                  50,000     $  3,892    $ 8,821,687    $ 8,825,579

 Net income for the three                                                            
  months ended January 31, 1996         --        1,177        116,528        117,705

 Partners' distributions                --      (10,000)      (990,000)    (1,000,000)

 Partners' capital at                                                                
    January 31, 1996                50,000     $ (4,931)   $ 7,948,215    $ 7,943,284

<FN>
           See Accompanying Notes to Consolidated Financial Statements
</TABLE>


d)                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>                                                                              
                                                        Three Months Ended January 31,
                                                            1996              1995    
<S>                                                     <C>              <C>
 Cash flows from operating activities:                                               
    Net income (loss)                                    $ 117,705        $  (266,046)
    Adjustments to reconcile net income (loss) to                                    
     net cash provided by operating activities:                                      
       Depreciation                                        445,765            426,153
       Amortization of discounts and loan costs             66,052             64,015
       Change in accounts:                                                           
        Restricted cash                                     (8,920)            (1,288)
        Accounts receivable                                 (4,071)           (14,110)
        Escrows for taxes                                  513,629            381,462
        Other assets                                          (396)            20,746
        Accounts payable                                  (239,495)           149,373
        Tenant security deposit liabilities                 13,067              8,865
        Accrued taxes                                     (538,322)          (389,330)
        Other liabilities                                  (45,143)           (46,665)
          Net cash provided by operating activities        319,871            333,175
                                                                                     
 Cash flows from investing activities:                                               
    Property improvements and replacements                (263,318)          (154,597)
    Deposits to restricted escrows                         (16,361)           (22,712)
    Receipts from restricted escrows                         7,000             10,376
          Net cash used in investing activities           (272,679)          (166,933)
                                                                                     
 Cash flows from financing activities:                                               
    Partners' distributions                            $(1,000,000)       $        --
    Payments on mortgage notes payable                    (160,684)          (148,960)
          Net cash used in financing activities         (1,160,684)          (148,960)
                                                                                     
 Net (decrease) increase in cash                        (1,113,492)            17,282
                                                                                     
 Cash at beginning of period                             2,764,795          2,254,370

 Cash at end of period                                 $ 1,651,303        $ 2,271,652
 Supplemental disclosure of cash flow information:                                   
    Cash paid for interest                             $   503,392        $   555,116


<FN>
           See Accompanying Notes to Consolidated Financial Statements

</TABLE>
e)                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

   The accompanying unaudited financial statements 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 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 month
period ended January 31, 1996, are not necessarily indicative of the results
that may be expected for the fiscal year ending October 31, 1996.  For further
information, refer to the financial statements and footnotes thereto included in
the Partnership's annual report on Form 10-KSB for the year ended October 31,
1995.

Cash and Cash Equivalents:

      Unrestricted - Unrestricted cash includes cash on hand and in banks, money
market funds and Certificates of Deposit with original maturities less than 90
days.  At certain times, the amount of cash deposited at a bank may exceed the
limit on insured deposits.

      Restricted cash - tenant security deposits - The Partnership requires
security deposits from lessees for the duration of the lease and such deposits
are considered restricted cash.  Deposits are refunded when the tenant vacates,
provided the tenant has not damaged its space and is current on its rental
payments.

   Certain reclassifications have been made to the 1995 information to conform
to the 1996 presentation.


Note B - Reconciliation of Cash Flows

   The following is a reconciliation of the subtotal on the accompanying
statements of cash flows captioned "net cash provided by operating activities"
to "net cash used in operations", as defined in the partnership agreement. 
However, "net cash used in 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.

                                                          
                                                 For the Three Months Ended 
                                                         January 31,        
                                                    1996             1995   
                                                                            
 Net cash provided by operating activities       $ 319,871        $ 333,175
    Payments on mortgage notes payable            (160,684)        (148,960)
    Property improvements and replacements        (263,318)        (154,597)
    Change in restricted escrows, net               (9,361)         (12,336)
    Changes in reserves for net operating                                  
     liabilities                                   314,478         (109,052)
    Additional reserves                           (200,986)              --
                                                                          
     Net cash used in operations                 $      --        $ (91,770)


   The Corporate General Partner reserved $200,986 on January 31, 1996, to fund
capital improvements and repairs at the property.

Note C   Transactions with Affiliated Parties

   The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities.  The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.  The following transactions with
Insignia Financial Group, Inc. and affiliates were charged to expense in 1996
and 1995:

                                                         
                                                 For the Three Months Ended 
                                                         January 31,        
                                                    1996               1995 
                                                                    
 Property management fees                       $132,757            $123,898

 Reimbursement for services of affiliates         30,155              35,855
                                                                            

   The Partnership insures its properties under a master policy through an
agency and insurer unaffiliated with the Corporate General Partner.  An
affiliate of the Corporate General Partner acquired, in the acquisition of a
business, certain financial obligations from an insurance agency which was later
acquired by the agent who placed the current year's master policy.  The current
agent assumed the financial obligations to the affiliate of the Corporate
General Partner, who receives payments on these obligations from the agent.  The
amount of the Partnership's insurance premiums accruing to the benefit of the
affiliate of the Corporate General Partner by virtue of the agent's obligations
is not significant.                                       

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

     The Partnership's investment properties consist of three apartment
complexes.  The following table sets forth the average occupancy of the
properties for the three months ended January 31, 1996 and 1995:
                                                         
                                                       Average  
                                                      Occupancy 
                                                                              
 Property                                         1996         1995

 Baymeadows Apartments                                              
    Jacksonville, Florida                          96%          94% 
 Quail Run Apartments                                               
    Columbia, South Carolina                       96%          95% 
 Countrywood Village Apartments                                     
    Raleigh, North Carolina                        96%          94% 

   The Partnership's net income as shown in the financial statements for the
three months ended January 31, 1996, was $117,705 versus a net loss of $266,046
for the corresponding period in 1995.  The increase in net income is primarily
attributable to a decrease in maintenance expense resulting from prior year
painting, exterior renovations, and interior building improvements at Baymeadows
and Countrywood, which were performed throughout 1995 and completed in the
fourth quarter.  General and administrative expenses increased as a result of
higher legal expenses in the first quarter of 1996 due to additional legal costs
related to an outstanding discrimination case as disclosed in the 10-KSB for the
year ended October 31, 1995.  Rental revenue increased due to higher occupancy
and periodic rental rate increases at Baymeadows, Quail Run, and Countrywood. 
Other income also increased due to additional tenant charges and increased
revenue at Baymeadows' ancillary operations.  Offsetting the increase in net
income was an increase in real estate taxes due to a property assessment
increase at Baymeadows.

   As part of the ongoing business plan of the Partnership, the Corporate
General Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense.  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, due to changing market conditions, which can result in the use of
rental concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

   At January 31, 1996, the Partnership reported unrestricted  cash of
$1,651,303 versus $2,271,652 at January 31, 1995.  Net cash provided by
operating activities decreased primarily due to the decrease in accounts payable
resulting from the payment of property improvements in 1996 for services
rendered during fiscal year  1995.  Offsetting this decrease was the increase in
net income described above.  Net cash used in investing activities increased
primarily due to an increase in property improvements in the three months ended
January 31, 1996, over the same period in 1995.  Finally, the statement of cash
flows includes an increase in cash used in financing activities resulting
primarily from a $1,000,000 distribution from operations paid to the partners in
the first quarter of 1996.  

   Capital improvement projects for the next quarter include five roof
replacements at Baymeadows which will be paid for from property operations.  The
Partnership has no other material capital programs scheduled to be performed in
1996, although certain routine capital expenditures and maintenance expenses
have been budgeted.  These capital expenditures and maintenance expenses will be
incurred only if cash is available from operations.
 
   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 property to adequately maintain the physical assets
and other operating needs of the Partnership.  Such assets are currently thought
to be sufficient for any near-term needs of the Partnership.  The mortgage
indebtedness of $24,953,269, net of discount, is amortized over 257 months with
a balloon payment of $20,669,395 due on November 15, 2002, at which time the
properties will either by refinanced or sold.  Cash distributions of $1,000,000
were made in the first quarter of 1996.  These distribution were made from
property cash flow.  Future cash distributions will depend on the levels of net
cash generated from operations, property sales, and the availability of cash
reserves.  




                        PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

      a) Exhibits:  

         Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
         report.

      b) Reports on Form 8-K filed in the quarter ended January 31, 1996:

         None.




                                   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 LIMITED PARTNERSHIP
            
                                   By: Shelter Realty IV Corporation
                                       Corporate General Partner



                                   By:/s/ William H. Jarrard, Jr.
                                      William H. Jarrard, Jr.
                                      President and Director




                                   By:/s/ Ronald Uretta          
                                      Ronald Uretta      
                                      Treasurer
                                      (Principal Financial Officer
                                      and Principal Accounting Officer)



                                   Date:  March 12, 1996