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

                                    FORM 10-Q

(Mark One)


   X    QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE  SECURITIES
------- EXCHANGE ACT OF 1934


For the quarterly period ended June 30, 2002

                                       OR

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


                         Commission File Number 33-89968


                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
             (Exact name of registrant as specified in its charter)


         Delaware                                                 13-3809869
-------------------------------                              -------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)


625 Madison Avenue, New York, New York                              10022
---------------------------------------                      -------------------
(Address of principal executive offices)                          (Zip Code)


Registrant's telephone number, including area code (212)421-5333


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Consolidated Condensed Balance Sheets
<TABLE>
<CAPTION>

                                                     June 30,         March 31,
                                                       2002             2002
                                                   -----------      -----------
                                                   (Unaudited)

<S>                                                <C>              <C>
ASSETS

Property and equipment at cost,
  net of accumulated depreciation
  of $10,044,855 and $9,458,063,
  respectively                                     $71,341,722      $71,923,788
Cash and cash equivalents                            2,221,007        2,461,056
Cash held in escrow                                  3,288,269        3,087,693
Deferred costs, net of accumulated
  amortization of $331,076 and
  $311,350, respectively                               848,040          867,766
Other assets                                           472,366          425,486
                                                   -----------      -----------
Total assets                                       $78,171,404      $78,765,789
                                                   ===========      ===========
</TABLE>

                                       2
<PAGE>

                     INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Consolidated Condensed Balance Sheets

<TABLE>
<CAPTION>
                                                     June 30,         March 31,
                                                       2002             2002
                                                   -----------      -----------
                                                   (Unaudited)

<S>                                                <C>              <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Liabilities:
  Mortgage notes payable                           $36,661,523      $36,739,830
  Accounts payable and other
   liabilities                                       7,000,828        6,663,234
  Due to local general partners and
   affiliates                                        2,593,287        2,777,814
  Due to general partner and affiliates              1,447,058        1,346,115
                                                   -----------      -----------
Total liabilities                                   47,702,696       47,526,993
                                                   -----------      -----------

Minority interest                                    2,235,935        2,244,151
                                                   -----------      -----------

Partners' capital (deficit):
  Limited partners (45,844 BACs
   issued and outstanding)                          28,357,979       29,112,232
  General partner                                     (125,206)        (117,587)
                                                   -----------      -----------
Total partners' capital (deficit)                   28,232,773       28,994,645
                                                   -----------      -----------
Total liabilities and partners'
  capital (deficit)                                $78,171,404      $78,765,789
                                                   ===========      ===========
</TABLE>

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

                                       3
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Operations
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                        Three Months Ended
                                                             June 30,
                                                   -----------------------------
                                                       2002             2001
                                                   -----------------------------
<S>                                                <C>              <C>
Revenues
Rental income                                      $ 1,385,664      $ 1,360,723
Other income (principally interest
  income)                                               51,925           99,350
                                                   -----------      -----------
Total revenues                                       1,437,589        1,460,073
                                                   -----------      -----------

Expenses
General and administrative                             396,277          419,249
General and administrative -
  related parties                                      147,477          152,324
Repairs and maintenance                                219,407          223,061
Operating                                              169,571          230,324
Taxes                                                   44,952           43,838
Insurance                                               62,500           67,021
Interest                                               560,975          618,793
Depreciation and amortization                          606,518          624,395
                                                   -----------      -----------
Total expenses                                       2,207,677        2,379,005
                                                   -----------      -----------

Loss before minority interest                         (770,088)        (918,932)
Minority interest in loss of
  subsidiary partnerships                                8,216            7,566
                                                   -----------      -----------
Net loss                                           $  (761,872)     $  (911,366)
                                                   ===========      ===========

Net loss - limited partners                        $  (754,253)     $  (902,252)
                                                   ===========      ===========

Number of BACs outstanding                              45,844           45,844
                                                   ===========      ===========

Net loss per BAC                                   $    (16.45)     $    (19.68)
                                                    ==========      ===========

</TABLE>

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


                                       4
<PAGE>


                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
   Consolidated Condensed Statement of Changes in Partners' Capital (Deficit)
                    For the Three Months Ended June 30, 2002
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                    Limited            General
                                   Total            Partners           Partner
                                ------------------------------------------------
<S>                             <C>               <C>                <C>
Partners' capital
  (deficit) - April 1,
  2002                          $28,994,645       $29,112,232        $ (117,587)

Net loss                           (761,872)         (754,253)           (7,619)
                                -----------       -----------        -----------
Partners' capital
  (deficit) -
June 30, 2002                   $28,232,773       $28,357,979        $ (125,206)
                                ===========       ===========        ===========
</TABLE>

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

                                       5
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)


<TABLE>
<CAPTION>
                                               Three Months Ended
                                                              June 30,
                                                   -----------------------------
                                                       2002              2001
                                                   -----------------------------
<S>                                                <C>              <C>
Cash flows from operating activities:
Net loss                                           $  (761,872)     $  (911,366)
                                                   -----------      -----------
Adjustments to reconcile net loss
  to net cash provided by (used in)
  operating activities:
Depreciation and amortization                          606,518          624,395
Minority interest in loss of
  subsidiary partnerships                               (8,216)          (7,566)
Increase in cash held in escrow                       (200,576)        (309,654)
Increase in other assets                               (46,880)         (92,761)
Increase in accounts payable
  and other liabilities                                337,594          588,427
Increase in due to local general
  partners and affiliates                                    0            5,312
Decrease in due to local general
  partners and affiliates                              (24,999)         (69,715)
Increase (decrease) in due to general
  partner and affiliates                               100,943         (104,231)
                                                   -----------      -----------
  Total adjustments                                    764,384          634,207
                                                   -----------      -----------

Net cash provided by (used in)
  operating activities                                   2,512         (277,159)
                                                   -----------      -----------
</TABLE>


                                       6
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)
                                   (continued)


<TABLE>
<CAPTION>
                                                        Three Months Ended
                                                              June 30,
                                                   -----------------------------
                                                       2002              2001
                                                   -----------------------------

<S>                                                <C>              <C>
Cash flows from investing activities:
Increase in property and equipment                      (4,726)          (1,727)
Increase in due to local general
  partners and affiliates                              120,797           41,319
Decrease in due to local general
  partners and affiliates                             (280,325)         (44,095)
                                                   -----------      -----------
Net cash used in investing activities                 (164,254)          (4,503)
                                                   -----------      -----------

Cash flows from financing activities:
Proceeds from mortgage notes                                 0              332
Repayments of mortgage notes                           (78,307)         (20,872)
Increase in deferred costs                                   0          (60,014)
                                                   -----------      -----------
Net cash used in financing
  activities                                           (78,307)         (80,554)
                                                   -----------      -----------

Net decrease in cash and cash
  equivalents                                         (240,049)        (362,216)
Cash and cash equivalents at
  beginning of period                                2,461,056        3,705,003
                                                   -----------      -----------
Cash and cash equivalents at
  end of period                                    $ 2,221,007      $ 3,342,787
                                                   ===========      ===========
</TABLE>


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


                                       7
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)


Note 1 - General

The consolidated  financial  statements include the accounts of Independence Tax
Credit Plus L.P. IV (the "Partnership") and fourteen other limited  partnerships
("subsidiary  partnerships",  "subsidiaries"  or  "Local  Partnerships")  owning
affordable  apartment complexes that are eligible for the low-income housing tax
credit,  some of which apartment complexes may also be eligible for the historic
rehabilitation  tax credit.  The general  partner of the  Partnership is Related
Independence   L.L.C.,  a  Delaware  limited  liability  company  (the  "General
Partner").  Through the rights of the  Partnership  and/or an  affiliate  of the
General Partner,  which affiliate has a contractual  obligation to act on behalf
of the Partnership to remove the general partner of the subsidiary  partnerships
and to approve certain major operating and financial decisions,  the Partnership
has a controlling financial interest in the subsidiary partnerships.

For financial reporting purposes, the Partnership's fiscal quarter ends June 30.
All  subsidiaries  have  fiscal  quarters  ending  March  31.  Accounts  of  the
subsidiaries  have been  adjusted  for  intercompany  transactions  from April 1
through June 30. The Partnership's fiscal quarter ends June 30 in order to allow
adequate  time for the  subsidiaries'  financial  statements  to be prepared and
consolidated.

All intercompany accounts and transactions with the subsidiary partnerships have
been eliminated in consolidation.

Losses  attributable to minority interests which exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately $19,000 and $3,000 for the three months ended June 30,
2002 and 2001, respectively.  The Partnership's investment in each subsidiary is
equal to the respective  subsidiary's  partners'  equity less minority  interest
capital,  if any.  In  consolidation,  all  subsidiary  partnership  losses  are
included in the  Partnership's  capital  account except for losses  allocated to
minority interest capital.

                                       8
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)


Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
have been omitted or condensed.  These condensed financial  statements should be
read in conjunction with the financial  statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the year ended March 31, 2002.

The books and records of the  Partnership are maintained on the accrual basis of
accounting in accordance with generally accepted accounting  principles.  In the
opinion of the General Partner of the Partnership,  the  accompanying  unaudited
financial  statements  contain  all  adjustments   (consisting  only  of  normal
recurring adjustments) necessary to present fairly the financial position of the
Partnership as of June 30, 2002 and its results of operations and its cash flows
for the three  months  ended  June 30,  2002 and 2001.  However,  the  operating
results for the three  months ended June 30, 2002 may not be  indicative  of the
results for the entire year.

                                       9
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)


Note 2 - Related Party Transactions

An affiliate  of the General  Partner has a .01%  interest as a special  limited
partner in each of the Local Partnerships.

The costs  incurred to related  parties for the three months ended June 30, 2002
and 2001 were as follows:

<TABLE>
<CAPTION>
                                                        Three Months Ended
                                                              June 30,
                                                   -----------------------------
                                                       2002              2001
                                                   -----------------------------
<S>                                                <C>              <C>
Partnership management fees (a)                    $    84,280      $    83,742
Expense reimbursement (b)                               27,761           34,875
Local administrative fee (c)                            12,000           11,000
                                                   -----------      -----------
Total general and administrative-
  General Partner                                      124,041          129,617
                                                   -----------      -----------
Property management fees incurred
  to affiliates of the subsidiary partner-
  ships' general partners (d)                           23,436           22,707
                                                   -----------      -----------
Total general and administrative -
  related parties                                  $   147,477      $   152,324
                                                   ===========      ===========
</TABLE>

(a) The General  Partner is entitled to receive a  partnership  management  fee,
after payment of all Partnership expenses,  which together with the annual local
administrative  fees  will not  exceed a maximum  of 0.5% per annum of  invested
assets (as defined in the Partnership Agreement),  for administering the affairs
of  the  Partnership.  Subject  to the  foregoing  limitation,  the  partnership
management fee will be determined by the General  Partner in its sole discretion
based  upon its  review of the  Partnership's  investments.  Unpaid  partnership
management  fees for any  year  will be  accrued  without  interest  and will be
payable from working capital  reserves or to the extent of available funds after
the  Partnership  has made  distributions  to the  limited  partners  of sale or
refinancing  proceeds equal to their original capital  contributions  plus a 10%
priority return thereon (to the extent not  theretofore  paid out of cash flow).
Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $1,040,000  and  $955,000  were accrued and unpaid as of June 30,
2002 and March 31, 2002, respectively.

                                       10
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)


(b) The Partnership reimburses the General Partner and its affiliates for actual
Partnership   operating  expenses  incurred  by  the  General  Partner  and  its
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the Partnership  Agreement.  Another
affiliate of the General Partner  performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance.

(c)  Independence  SLP IV L.P.,  a special  limited  partner  of the  subsidiary
partnerships,  is entitled to receive a local administrative fee of up to $5,000
per year from each subsidiary partnership.

(d) Property  management  fees  incurred by the Local  Partnerships  amounted to
$89,047  and  $83,972  for the  three  months  ended  June 30,  2002  and  2001,
respectively.  Of these fees $23,436 and $22,707 were  incurred to affiliates of
the subsidiary partnerships' general partners.

                                       11
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Liquidity and Capital Resources
-------------------------------

The Partnership's  primary sources of funds include (i) interest earned on Gross
Proceeds which are invested in tax-exempt money market instruments pending final
payments to Local  Partnerships  and (ii) working capital  reserves and interest
earned thereon.  All these sources of funds are available to meet obligations of
the Partnership.

As of June 30, 2002,  the  Partnership  has invested  approximately  $37,814,000
(including   approximately  $1,161,000  classified  as  a  loan  repayable  from
sale/refinancing  proceeds in accordance with the Contribution Agreement and not
including  acquisition  fees of  approximately  $1,771,000)  of net  proceeds in
fourteen Local Partnerships of which approximately $1,829,000 remains to be paid
to the  Local  Partnerships  (including  approximately  $741,000  being  held in
escrow) as certain  benchmarks,  such as occupancy level, must be attained prior
to the  release  of the  funds.  During the three  months  ended June 30,  2002,
nothing was paid to the Local  Partnerships.  The  Partnership  is not acquiring
additional  properties,  but the  Partnership  may be required to fund potential
purchase price adjustments based on tax credit adjustor clauses.

For the three  months  ended June 30,  2002,  cash and cash  equivalents  of the
Partnership  and  its  fourteen   consolidated  Local   Partnerships   decreased
approximately  $240,000.  This  decrease  was due to an increase in property and
equipment ($5,000), repayments of mortgage notes ($78,000) and a net decrease in
due to local general  partners and affiliates  relating to investing  activities
($160,000)  which  exceeded  cash  provided by  operating  activities  ($3,000).
Included  in the  adjustments  to  reconcile  the net loss to cash  provided  by
operating activities is depreciation and amortization of approximately $607,000.

The  Partnership  has established a working capital reserve from funds available
for  investment,  which  includes  amounts  which may be required for  potential
purchase price  adjustments  based on tax credit adjustor  clauses.  At June 30,
2002,  there is  approximately  $402,000 in the working  capital  reserves.  The
General  Partner  believes  that  these  reserves,  plus any cash  distributions
received from the  operations of the Local  Partnerships,  will be sufficient to
fund  the  Partnership's  ongoing  operations  for the  foreseeable  future  not
including fees owed to the General Partner.  Cash  distributions  from the Local
Partnerships will be relatively  immaterial.  During the three months ended June
30,  2002,  there  have  been no cash  distributions  received  from  the  Local
Partnerships.

                                       12
<PAGE>

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have not yet been  adopted.  The  portfolio  is  diversified  by the
location of the  properties  around the United States so that if one area of the
country is experiencing  downturns in the economy,  the remaining  properties in
the  portfolio  may  be   experiencing   upswings.   However,   the   geographic
diversification  of the portfolio may not protect against a general  downturn in
the  national  economy.  The tax  credits  will be attached to the project for a
period of ten  years,  and will be  transferable  with the  property  during the
remainder of such ten-year period. If the General Partner determined that a sale
of a property is warranted,  the remaining tax credits would transfer to the new
owner, thereby adding value to the property on the market, which is not included
in the financial statement carrying amount.

Results of Operations
---------------------

The  results of  operations  for the three  months  ended June 30, 2002 and 2001
continued to be in the form of rental income with corresponding expenses divided
among operations, depreciation and mortgage interest.

Rental  income  increased  approximately  2% for the three months ended June 30,
2002 as compared to the  corresponding  period in 2001,  primarily due to rental
rate increases.

Other income decreased approximately $47,000 for the three months ended June 30,
2002 as compared to the corresponding  period in 2001,  primarily due to smaller
cash and cash equivalent balances earning interest at two Local Partnerships and
at the Partnership level.

Total expenses, excluding operating, remained fairly consistent, with a decrease
of  approximately 5% for the three months ended June 30, 2002 as compared to the
corresponding period in 2001.

Operating  expenses decreased  approximately  $61,000 for the three months ended
June 30, 2002 as compared to the corresponding  period in 2001, primarily due to
a decrease in fuel costs at three Local Partnerships and an underaccural in 2000
at a fourth Local Partnership.

                                       13
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

                                      None

                                       14
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings - None

Item 2.    Changes in Securities and Use of Proceeds - None

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission of Matters to a Vote of Security Holders - None

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K

           (a) Exhibits

               (4) Form of Amended and Restated Agreement of Limited Partnership
of the Partnership (attached to the Prospectus as Exhibit A)*

               (10A) Form of Subscription  Agreement (attached to the Prospectus
as Exhibit B)*

               (10B) Form of Escrow  Agreement  between the  Partnership and the
Escrow Agent**

               (10C) Form of  Purchase  and Sales  Agreement  pertaining  to the
Partnership's acquisition of Local Partnership Interests**

               (10D)  Form  of  Amended  and   Restated   Agreement  of  Limited
Partnership of Local Partnerships**


               *  Incorporated  herein by reference to the final  Prospectus  as
filed pursuant to Rule 424 under the Securities Act of 1933.

               ** Filed as an exhibit to the Registration Statement on Form S-11
of the  Partnership  (File No.  33-89968) and  incorporated  herein by reference
thereto.

               (b)  Reports  on Form 8-K - No  reports  on Form  8-K were  filed
during the quarter.


                                       15
<PAGE>


                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                  (Registrant)


               By: RELATED INDEPENDENCE L.L.C.,
                   General Partner

Date:  July 25, 2002

                   By:/s/ Alan P. Hirmes
                      ------------------
                      Alan P. Hirmes,
                      President and Member
                      (principal executive and financial officer)

Date:  July 25, 2002

                   By:/s/ Glenn F. Hopps
                      ------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)