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 March 31, 2005


[ ]   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)

                                 March 31, 2005

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 456
   Receivables and deposits                                                      532
   Restricted escrows                                                            230
   Other assets                                                                1,002
   Investment properties:
      Land                                                    $ 2,759
      Buildings and related personal property                   55,999
                                                                58,758
      Less accumulated depreciation                            (38,536)       20,222
                                                                            $ 22,442

Liabilities and Partners' Capital (Deficiency)
Liabilities
   Accounts payable                                                          $ 224
   Tenant security deposit liabilities                                           159
   Accrued property taxes                                                        204
   Other liabilities                                                             522
   Mortgage notes payable                                                     32,175

Partners' Capital (Deficiency)
   General partners                                             $ 99
   Limited partners (49,995 units issued and
      outstanding)                                             (10,941)      (10,842)
                                                                            $ 22,442

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>





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

<TABLE>
<CAPTION>


                                                              Three Months Ended
                                                                 March 31,
                                                           2005             2004
Revenues:
<S>                                                       <C>              <C>
   Rental income                                          $2,335           $2,289
   Other income                                              190              244
      Total revenues                                       2,525            2,533

Expenses:
   Operating                                               1,064            1,007
   General and administrative                                 78               75
   Depreciation                                              587              577
   Interest                                                  372              296
   Property taxes                                            195              199
      Total expenses                                       2,296            2,154

Net income                                                $ 229             $ 379

Net income allocated to general partners (1%)              $ 2               $ 4

Net income allocated to limited partners (99%)               227              375

                                                          $ 229             $ 379

Net income per limited partnership unit                   $ 4.54           $ 7.50

Distributions per limited partnership unit                $ 2.96           $19.30


         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



                              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, 2004                49,995          $ 99      $(11,020)   $(10,921)

Distributions to partners                  --             (2)        (148)       (150)

Net income for the three months
   ended March 31, 2005                    --              2          227         229

Partners' capital (deficiency)
   at March 31, 2005                   49,995          $ 99      $(10,941)   $(10,842)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>


                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>


                                                                 Three Months Ended
                                                                       March 31,
                                                                   2005       2004
Cash flows from operating activities:
<S>                                                              <C>          <C>
   Net income                                                    $ 229        $ 379
   Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation                                                  587          577
      Bad debt expense                                               51           75
      Casualty loss                                                   3           --
      Amortization of loan costs                                     36           37
      Change in accounts:
        Receivables and deposits                                   (121)        (164)
        Other assets                                               (189)        (248)
        Accounts payable                                              4          (26)
        Tenant security deposit liabilities                         (18)         (22)
        Accrued property taxes                                      204          (42)
        Other liabilities                                            30          (42)
               Net cash provided by operating activities            816          524

Cash flows from investing activities:
   Property improvements and replacements                          (497)         (98)
   Net withdrawals from restricted escrows                           --            5
               Net cash used in investing activities               (497)         (93)

Cash flows from financing activities:
   Distributions to partners                                       (150)        (975)
   Payments on mortgage notes payable                              (218)        (210)
               Net cash used in financing activities               (368)      (1,185)

Net decrease in cash and cash equivalents                           (49)        (754)
Cash and cash equivalents at beginning of the period                505        1,159
Cash and cash equivalents at end of the period                   $ 456        $ 405

Supplemental disclosure of cash flow information:
   Cash paid for interest                                        $ 348        $ 259
Supplemental disclosure of non-cash flow information:
   Property improvements and replacements in accounts
    payable                                                      $ 146        $ --

Included in property  improvements  and  replacements for the three months ended
March 31, 2005 is approximately $29,000 of improvements,  which were included in
accounts payable at December 31, 2004.


         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>




                              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 month  period  ended  March 31,  2005,  are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 2005. 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, 2004.  The Corporate  General
Partner  is  a  subsidiary  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Certain  2004   balances  have  been   reclassified   to  conform  to  the  2005
presentation.

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 Three Months Ended
                                                                March 31,
                                                               2005        2004
                                                             (in thousands)
<S>                                                       <C>              <C>
     Net cash provided by operating activities            $ 816            $ 524
        Payments on mortgage notes payable                  (218)            (210)
        Property improvements and replacements              (497)             (98)
        Change in restricted escrows, net                     --                5
        Changes in reserves for net operating
          liabilities                                         90              544
        Additional reserves                                 (191)            (765)
           Net cash from operations                       $ --             $ --
</TABLE>

For the three  months  ended  March 31,  2005 and 2004,  the  Corporate  General
Partner  reserved  approximately  $191,000 and $765,000,  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  receive 5% of gross receipts from
both of the  Partnership's  properties as  compensation  for providing  property
management services.  During the three months ended March 31, 2005 and 2004, the
Partnership  paid  to  such  affiliates  approximately  $128,000  and  $125,000,
respectively, which is included in operating expense.

An  affiliate  of  the  Corporate  General  Partner  received  reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $80,000 and
$64,000 for the three months ended March 31, 2005 and 2004, respectively,  which
is included in general and  administrative  expenses and investment  properties.
The portion of these  reimbursements  included in investment  properties for the
three  months  ended  March 31, 2005 and 2004 are fees  related to  construction
management services provided by an affiliate of the Corporate General Partner of
approximately  $16,000 and $3,000,  respectively.  The  construction  management
service fees are calculated based on 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 March 31, 2005.

Subsequent to March 31, 2005, and in accordance with the Partnership  Agreement,
an  affiliate of the  Corporate  General  Partner has  advanced the  Partnership
approximately  $202,000 to help fund the redevelopment at Baymeadows Apartments.
Interest on the advances will be charged at prime plus 2%, or 7.75% at March 31,
2005.

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 three months ended March 31, 2005,  the
Partnership was charged by AIMCO and its affiliates  approximately  $120,000 for
hazard insurance coverage and fees associated with policy claims administration.
Additional  charges  will be  incurred by the  Partnership  during 2005 as other
insurance policies renew later in the year. The Partnership was charged by AIMCO
and its  affiliates  approximately  $159,000  for  insurance  coverage  and fees
associated with policy claims  administration during the year ended December 31,
2004.

Note D - Casualty

In September  2004,  Baymeadows  Apartments  experienced  damage from Hurricanes
Frances and Jeanne.  At March 31, 2005, the  Partnership  estimates total damage
costs from the hurricanes of  approximately  $51,000,  which were not covered by
insurance proceeds.  During 2004, the Partnership  recognized a casualty loss of
approximately  $6,000 and during the three  months  ended  March 31,  2005,  the
Partnership  recognized an additional casualty loss of approximately $3,000 as a
result of the write-off of undepreciated  damaged assets.  This loss is included
in operating expense on the accompanying  consolidated statements of operations.
In  addition  to the  damages,  the  Partnership  incurred  clean  up  costs  of
approximately  $44,000  during  the  three  months  ended  March  31,  2005  for
Hurricanes Frances and Jeanne, which were not covered by insurance proceeds, and
these costs are included in operating expenses on the accompanying  consolidated
statements of operations.

Note E - 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 28, 2002, the trial court granted  defendants
motion to strike the complaint.

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

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 May 4, 2004 the
Objector filed a second appeal  challenging the court's use of a referee and its
order requiring Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings. The Corporate General Partner and its affiliates
are  currently  scheduled  to file an answer to  Objector's  petition on May 18,
2005.

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.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Corporate  General  Partner,  are  defendants  in a lawsuit  alleging  that they
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.
The complaint  attempts to bring 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.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call."  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  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.  Oral argument  relating to the
certification  of the  collective  action  took  place  on May 12,  2005 and the
parties await a ruling from the Court. 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
consolidated 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.

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions brought by government  agencies,  the presence of hazardous
substances  on a  property  could  result in claims by  private  plaintiffs  for
personal injury,  disease,  disability or other  infirmities.  Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In  connection  with  the  ownership  and  operation  of  its  properties,   the
Partnership could  potentially be liable for environmental  liabilities or costs
associated with its properties.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims related to mold  exposure.  Affiliates of the Corporate  General  Partner
have  implemented a national  policy and procedures to prevent or eliminate mold
from its  properties  and the  Corporate  General  Partner  believes  that these
measures will eliminate,  or at least minimize, the effects that mold could have
on residents.  To date, the  Partnership  has not incurred any material costs or
liabilities  relating to claims of mold  exposure  or to abate mold  conditions.
Because the law regarding  mold is unsettled and subject to change the Corporate
General  Partner  can make no  assurance  that  liabilities  resulting  from the
presence of or exposure to mold will not have a material  adverse  effect on the
Partnership's consolidated financial condition or results of operations.

SEC Investigation

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.
At the end of the first quarter of 2005, the SEC added certain tender offers for
limited partnership interests as an area of investigation.  AIMCO is cooperating
fully.  AIMCO is not able to predict  when the  investigation  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 three months ended March 31, 2005 and 2004:

                                                             Average
                                                            Occupancy
       Property                                        2005          2004

       Baymeadows Apartments (1)
         Jacksonville, Florida                         87%            95%

       Quail Run Apartments (2)
         Columbia, South Carolina                      94%            79%

(1)   The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Baymeadows  Apartments to current  redevelopment  of the property that has
      resulted in less units available for rent.

(2)   The  Corporate  General  Partner  attributes  the increase in occupancy at
      Quail Run  Apartments  to a military  deployment  in the local market area
      during the first quarter of 2004. Occupancy has since recovered.

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.

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2005 was
approximately  $229,000 compared to net income of approximately $379,000 for the
corresponding  period in 2004.  The decrease in net income is due to an increase
in total expenses.  Total revenues  remained  relatively  constant for the three
months  ended March 31, 2005 due to a decrease in other  income which was offset
by an increase in rental income.

Total  expenses  increased due to increases in operating and interest  expenses.
Operating  expense  increased due to increases in property and insurance  damage
expense, partially offset by a decrease in maintenance expense. Property expense
increased  due to an increase in payroll  and related  costs at both  investment
properties  and an  increase  in model  unit  expense at  Baymeadows  Apartments
partially  offset  by  a  decrease  in  corporate  unit  expense  at  Quail  Run
Apartments.  Insurance  damage  expense  increased  due to the  clean  up  costs
associated  with the  hurricane  damage at  Baymeadows  Apartments.  Maintenance
expense  decreased due to capitalized costs associated with the redevelopment of
Baymeadows  Apartments  and a  decrease  in  contract  labor at both  investment
properties.  Interest expense  increased due to an increase in the variable rate
on the mortgage at Baymeadows Apartments.

In September  2004,  Baymeadows  Apartments  experienced  damage from Hurricanes
Frances and Jeanne.  At March 31, 2005, the  Partnership  estimates total damage
costs from the hurricanes of  approximately  $51,000,  which were not covered by
insurance proceeds.  During 2004, the Partnership  recognized a casualty loss of
approximately  $6,000 and during the three  months  ended  March 31,  2005,  the
Partnership  recognized an additional casualty loss of approximately $3,000 as a
result of the write-off of undepreciated  damaged assets.  This loss is included
in operating expense on the accompanying  consolidated statements of operations.
In  addition  to the  damages,  the  Partnership  incurred  clean  up  costs  of
approximately  $44,000  during  the  three  months  ended  March  31,  2005  for
Hurricanes Frances and Jeanne, which were not covered by insurance proceeds, and
these costs are included in operating expenses on the accompanying  consolidated
statements of operations.

Other income  decreased  due to  decreases  in corporate  unit rent at Quail Run
Apartments and in late charges at Baymeadows Apartments. Rental income increased
due to an increase in  occupancy at Quail Run  Apartments  and a decrease in bad
debt expense at Quail Run Apartments partially offset by a decrease in occupancy
at Baymeadows Apartments.

Included in general and administrative  expense for the three months ended March
31, 2005 and 2004 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.

Liquidity and Capital Resources

At  March  31,  2005,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $456,000  compared to  approximately  $405,000 at March 31, 2004.
Cash and cash  equivalents  decreased  approximately  $49,000 since December 31,
2004 due to  approximately  $497,000 and $368,000 of cash used in investing  and
financing activities,  respectively,  partially offset by approximately $816,000
of cash  provided by operating  activities.  Cash used in  investing  activities
consisted  of property  improvements  and  replacements.  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 investment  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 three  months  ended  March 31,  2005,  the
Partnership  completed   approximately   $597,000  of  capital  improvements  at
Baymeadows  Apartments,  consisting primarily of structural  upgrades,  building
improvements,   water  heaters,   office  computers,   floor  covering  and  air
conditioning unit  replacements.  These  improvements were funded from operating
cash flow. The Partnership  regularly evaluates the capital improvement needs of
the property.  The property is currently  undergoing a redevelopment  project in
order to become more  competitive with other properties in the area in an effort
to increase occupancy at the property. Based on current redevelopment plans, the
Corporate  General Partner  anticipates the redevelopment to be completed in the
second quarter of 2006 at a total estimated cost of approximately $23,819,000 of
which  approximately  $617,000 was  completed as of March 31, 2005.  Included in
these  construction  costs  are  capitalized  interest  costs  of  approximately
$18,000,  capitalized  tax and insurance  expenses of  approximately  $8,000 and
other construction period operating costs of approximately $15,000 for the three
months  ended March 31,  2005.  The project is being  funded by  operations  and
advances from an affiliate of the Corporate General Partner.  In addition to the
redevelopment  project,  certain  routine capital  expenditures  are anticipated
during 2005. Such capital  expenditures 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 three  months  ended  March  31,  2005,  the
Partnership completed approximately $17,000 of capital improvements at Quail Run
Apartments,   consisting  primarily  of  floor  covering   replacements.   These
improvements  were funded from operating cash flow.  The  Partnership  regularly
evaluates the capital  improvement needs of the property.  While the Partnership
has no material commitments for property improvements and replacements,  certain
routine  capital   expenditures  are  anticipated   during  2005.  Such  capital
expenditures  will depend on the  physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

Capital  expenditures will be incurred only if cash is available from operations
or from  Partnership  reserves.  To the extent  that  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 $7,878,000
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
$24,297,000  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.

The Partnership  distributed the following amounts during the three months ended
March 31, 2005 and 2004 (in thousands except per unit data):
<TABLE>
<CAPTION>

                     Three Months     Per Limited      Three Months     Per Limited
                        Ended         Partnership         Ended         Partnership
                    March 31, 2005        Unit        March 31, 2004        Unit

<S>                     <C>              <C>              <C>              <C>
Operations              $ 150            $ 2.96           $ 975            $19.30
</TABLE>

Future  cash  distributions  will  depend on the levels of cash  generated  from
operations  and the  timing  of the  debt  maturities,  property  sales,  and/or
refinancings. 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
additional distributions to its partners in the year 2005 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 36,351 limited  partnership  units
(the "Units") in the Partnership representing 72.71% of the outstanding Units at
March 31, 2005. 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.  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 72.71% 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.

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.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  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.

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 28, 2002, the trial court granted  defendants
motion to strike the complaint.

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

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 May 4, 2004 the
Objector filed a second appeal  challenging the court's use of a referee and its
order requiring Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings. The Corporate General Partner and its affiliates
are  currently  scheduled  to file an answer to  Objector's  petition on May 18,
2005.

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.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Corporate  General  Partner,  are  defendants  in a lawsuit  alleging  that they
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.
The complaint  attempts to bring 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.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call."  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  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.  Oral argument  relating to the
certification  of the  collective  action  took  place  on May 12,  2005 and the
parties await a ruling from the Court. 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
consolidated financial condition or results of operations.

ITEM 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index.



<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: May 13, 2005





<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.)

(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  of the equivalent of the Chief Executive  Officer and
            Chief  Financial  Officer  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:  May 13, 2005

                                    /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:  May 13, 2005

                                    /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 March 31, 2005 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:  May 13, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  May 13, 2005


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.