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 September 30, 2005


                                       OR


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



                         COMMISSION FILE NUMBER 0-17015

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)



                    Delaware                                      13-3809869
------------------------------------------------             -------------------
(State or other jurisdiction of incorporation or               (I.R.S. Employer
                 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) 317-5700


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


       Indicate by check mark whether the registrant is an accelerated filer (as
 defined in Exchange Act Rule 12b-2). Yes  [  ]  No  [X]

       Indicate  by  check  mark  whether  the registrant is a shell company (as
defined by Rule 12b-2 of the Exchange Act). Yes  [  ]  No  [X]



<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
                                                                              September 30,     March 31,
                                                                                  2005            2005
                                                                              ------------    ------------
                                                                              (Unaudited)      (Audited)
<S>                                                                           <C>             <C>
                                     ASSETS

Property and equipment - at cost, net of accumulated depreciation of
  $17,900,452 and $16,708,237, respectively                                   $ 63,488,508    $ 64,680,722
Cash and cash equivalents                                                        1,599,002       1,663,931
Cash held in escrow                                                              3,553,641       3,303,235
Deferred costs, net of accumulated amortization of $556,768 and $529,530,
  respectively                                                                     627,731         654,969
Other assets                                                                       546,047         511,916
                                                                              ------------    ------------
Total assets                                                                  $ 69,814,929    $ 70,814,773
                                                                              ============    ============


                   LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)


Liabilities:
Mortgage notes payable                                                        $ 35,870,145    $ 36,098,561
Accounts payable and other liabilities                                           9,587,993       9,075,556
Due to local general partners and affiliates                                     1,731,774       1,759,198
Due to general partner and affiliates                                            2,952,145       2,679,588
                                                                              ------------    ------------
Total liabilities                                                               50,142,057      49,612,903
                                                                              ------------    ------------

Minority interest                                                                1,816,020       1,884,360
                                                                              ------------    ------------

Partners' capital (deficit):
Limited partners (45,844 Beneficial Assignment Certificates ("BACs") issued
  and outstanding)                                                              18,085,819      19,531,870
General partner                                                                   (228,967)       (214,360)
                                                                              ------------    ------------
Total partners' capital (deficit)                                               17,856,852      19,317,510
                                                                              ------------    ------------
Total liabilities and partners' capital (deficit)                             $ 69,814,929    $ 70,814,773
                                                                              ============    ============
</TABLE>



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

                                       2
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                          Three Months Ended             Six Months Ended
                                                             September 30,                 September 30,
                                                       --------------------------    --------------------------
                                                          2005           2004*          2005           2004*
                                                       -----------    -----------    -----------    -----------
<S>                                                    <C>            <C>            <C>            <C>
Revenues
Rental income                                          $ 1,456,498    $ 1,408,950    $ 2,929,187    $ 2,817,790
Other income                                                73,309         65,863        159,813        137,881
                                                       -----------    -----------    -----------    -----------
Total revenues                                           1,529,807      1,474,813      3,089,000      2,955,671
                                                       -----------    -----------    -----------    -----------

Expenses
General and administrative                                 365,519        402,469        820,201        816,947
General and administrative-related parties                 216,869        163,879        412,048        318,526
Repairs and maintenance                                    251,913        273,822        446,269        495,045
Operating                                                  214,069        177,742        396,556        387,991
Taxes                                                       46,956         47,499         92,634         95,161
Insurance                                                   96,324         87,603        195,312        195,383
Interest                                                   481,507        473,958        984,525        990,326
Depreciation and amortization                              611,365        570,284      1,219,453      1,198,461
                                                       -----------    -----------    -----------    -----------
Total expenses                                           2,284,522      2,197,256      4,566,998      4,497,840
                                                       -----------    -----------    -----------    -----------

Loss before minority interest                             (754,715)      (722,443)    (1,477,998)    (1,542,169)
Minority interest in loss of subsidiary partnerships         9,623          6,928         17,340         11,989
                                                       -----------    -----------    -----------    -----------
Net loss                                               $  (745,092)   $  (715,515)   $(1,460,658)   $(1,530,180)
                                                       ===========    ===========    ===========    ===========

Net loss - limited partners                            $  (737,641)   $  (708,360)   $(1,446,051)   $(1,514,878)
                                                       ===========    ===========    ===========    ===========

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

Net loss per BAC                                       $    (16.09)   $    (15.45)   $    (31.54)   $    (33.04)
                                                       ===========    ===========    ===========    ===========
</TABLE>


* Reclassified for comparative purposes.

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

                                       3
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
   Condensed Consolidated Statement of Changes in Partners' Capital (Deficit)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                     Limited          General
                                                       Total         Partners         Partner
                                                   ------------    ------------    ------------
<S>                                                <C>             <C>             <C>
Partners' capital (deficit) - April 1, 2005        $ 19,317,510    $ 19,531,870    $   (214,360)

Net loss                                             (1,460,658)     (1,446,051)        (14,607)
                                                   ------------    ------------    ------------

Partners' capital (deficit) - September 30, 2005   $ 17,856,852    $ 18,085,819    $   (228,967)
                                                   ============    ============    ============
</TABLE>



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

                                       4
<PAGE>
                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                Six Months Ended
                                                                                                  September 30,
                                                                                            --------------------------
                                                                                               2005            2004
                                                                                            -----------    -----------
<S>                                                                                         <C>            <C>
Cash flows from operating activities:
Net loss                                                                                    $(1,460,658)   $(1,530,180)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization                                                                 1,219,453      1,198,461
Minority interest in loss of subsidiary partnerships                                            (17,340)       (11,989)
Increase in cash held in escrow                                                                (293,743)      (159,233)
(Increase) decrease in other assets                                                             (34,131)        26,863
Increase in accounts payable and other liabilities                                              512,436        360,541
Decrease in due to local general partners and affiliates                                         (9,279)        (2,457)
Increase in due to general partner and affiliates                                               272,557        249,095
                                                                                            -----------    -----------

Net cash provided by operating activities                                                       189,295        131,101
                                                                                            -----------    -----------

Cash flows from investing activities:
Decrease in cash held in escrow                                                                  43,337         64,655
Decrease in due to local general partners and affiliates                                        (18,145)       (72,415)
                                                                                            -----------    -----------

Net cash provided by (used in) investing activities                                              25,192         (7,760)
                                                                                            -----------    -----------

Cash flows from financing activities:
Repayments of mortgage notes                                                                   (228,416)      (206,224)
Decrease in capitalization of consolidated subsidiaries attributable to minority interest       (51,000)       (27,176)
                                                                                            -----------    -----------

Net cash used in financing activities                                                          (279,416)      (233,400)
                                                                                            -----------    -----------

Net decrease in cash and cash equivalents                                                       (64,929)      (110,059)
Cash and cash equivalents at beginning of period                                              1,663,931      1,730,897
                                                                                            -----------    -----------
Cash and cash equivalents at end of period                                                  $ 1,599,002    $ 1,620,838
                                                                                            ===========    ===========

Supplemental disclosure of cash flow information:
Cash paid during period for interest                                                        $ 1,419,071    $ 1,420,707
                                                                                            ===========    ===========
</TABLE>


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

                                       5
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2005
                                   (Unaudited)


Note 1 - General

The  condensed   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
September 30. All subsidiaries  have fiscal quarters ending June 30. Accounts of
the subsidiaries  have been adjusted for intercompany  transactions  from July 1
through  September 30. The  Partnership's  fiscal  quarter ends  September 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.

Increase   (decrease)  in  the   capitalization  of  consolidated   subsidiaries
attributable to minority  interest arise from cash  contributions  from and cash
distributions to the minority interest partners.

Losses  attributable to minority interests which exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately  $1,000 and $3,000 and $3,000 and $5,000 for the three
and  six  months  ended   September  30,  2005  and  2004,   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.

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   consolidated  financial
statements  should  be read  in  conjunction  with  the  consolidated  financial
statements and notes thereto included in the Partnership's Annual Report on Form
10-K for the year ended March 31, 2005.

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
condensed consolidated financial statements contain all adjustments  (consisting
only of normal recurring  adjustments) necessary to present fairly the financial
position of the  Partnership as of September 30, 2005, its results of operations
for the three and six  months  ended  September  30,  2005 and 2004 and its cash
flows  for the six  months  ended  September  30,  2005 and 2004.  However,  the
operating  results  for the six  months  ended  September  30,  2005  may not be
indicative of the results for the entire year.


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  and six  months  ended
September 30, 2005 and 2004 were as follows:
<TABLE>
<CAPTION>
                                                                    Three Months Ended     Six Months Ended
                                                                       September 30,         September 30,
                                                                    -------------------   -------------------
                                                                     2005        2004       2005       2004
                                                                    --------   --------   --------   --------
<S>                                                                 <C>        <C>        <C>        <C>
Partnership management fees (a)                                     $ 84,280   $ 84,280   $168,560   $168,560
Expense reimbursement (b)                                             73,312     36,256    124,251     65,112
Local administrative fee (c)                                          15,000     16,000     30,000     31,000
                                                                    --------   --------   --------   --------
Total general and administrative-General Partner                     172,592    136,536    322,811    264,672
                                                                    --------   --------   --------   --------
Property management fees incurred to affiliates of the subsidiary
  partnerships' general partners (d)                                  44,277     27,343     89,237     53,854
                                                                    --------   --------   --------   --------
Total general and administrative-related parties                    $216,869   $163,879   $412,048   $318,526
                                                                    ========   ========   ========   ========
</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

                                       6
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2005
                                   (Unaudited)


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  $2,135,000 and $1,967,000 were accrued and unpaid as of September
30, 2005 and March 31, 2005, respectively.

(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 $0 to $5,000
per year from each subsidiary partnership.

(d) Property  management  fees  incurred by the Local  Partnerships  amounted to
$96,240 and $93,116 and $189,813 and $179,508 for the three and six months ended
September 30, 2005 and 2004,  respectively.  Of these fees,  $44,277 and $27,343
and  $89,237  and  $53,854  were  incurred  to  affiliates  of  the   subsidiary
partnerships' general partners.


Note 3 - Commitments and Contingencies

There  have  been  no  material  changes  and/or  additions  to the  disclosures
regarding the subsidiary  partnerships  which were included in the Partnership's
Annual Report on Form 10-K for the fiscal year ended March 31, 2005.


Note 4 - Recent Accounting Pronouncements

In June 2005, the Financial Accounting Standards Board ("FASB") issued Statement
of  Financial  Accounting  Standards  No.  154,  "Accounting  Changes  and Error
Corrections"  ("FAS  154"),  which  superceded  APB Opinion No. 20,  "Accounting
Changes"  and FAS No. 3,  "Reporting  Accounting  Changes in  Interim  Financial
Statements".  APB No. 20  previously  required  that most  voluntary  changes in
accounting  principle be  recognized  by  including in the current  period's net
income the  cumulative  effect of changing to the new accounting  principle.  In
contrast,  FAS 154 requires that a voluntary  change in accounting  principle be
applied  retrospectively  to prior periods'  financial  statements,  unless this
would  be  impracticable.  In  addition,  FAS 154  makes a  distinction  between
retrospective  application  of an accounting  principle and the  restatement  of
financial statements to reflect the correction of an error. FAS 154 is effective
for accounting  changes and correction of errors made in fiscal years  beginning
after December 15, 2005. The Partnership does not expect the adoption of FAS 154
to have a material impact on its consolidated results of operations.

In June 2005,  the FASB issued  Emerging  Issues Task Force  ("EITF")  No. 04-5,
"Determining  Whether a General  Partner,  or the  General  Partners as a Group,
Controls a Limited  Partnership or Similar Entity When the Limited Partners Have
Certain Rights".  EITF No. 04-5 replaces  counterpart  requirements in SOP 78-9,
which provides  guidance on accounting for  investments in real-estate  ventures
and limited  partnerships.  Under EITF No. 04-5, the general  partner's  control
would be overcome if the limited  partners  have either  "kick-out  rights"- the
right to dissolve or liquidate the  partnership or otherwise  remove the general
partner  "without  cause" or  "participating  rights" - the right to effectively
participate  in  significant  decisions  made  in  the  ordinary  course  of the
partnership's business. The kick-out rights and the participating rights must be
substantive in order to overcome the general partner's control. EITF 04-5 is now
effective.  The Partnership  does not expect the adoption of EITF 04-5 to have a
material effect on its consolidated results of operations.

                                       7
<PAGE>

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

Certain  statements  contained herein constitute  forward-looking  statements as
such term is defined in Section 27A of the  Securities  Act of 1933, as amended,
and  Section  21E  of  the   Securities   Exchange  Act  of  1934,  as  amended.
Forward-looking  statements  are not  guarantees  of  performance.  They involve
risks,  uncertainties and assumptions.  Our future results,  financial condition
and business may differ materially from those expressed in these forward-looking
statements.  You can find many of these  statements by looking for words such as
"approximates,"   "believes,"  "expects,"   "anticipates,"  "intends,"  "plans,"
"would," "may" or similar  expressions  in this  quarterly  report on Form 10-Q.
These forward-looking statements are subject to numerous assumptions,  risks and
uncertainties.  Many of the factors that will  determine  these items are beyond
our  ability to control or predict.  Factors  that may cause  actual  results to
differ  materially  from those  contemplated by the  forward-looking  statements
include,  but are not limited to, those set forth in the Company's Annual Report
on Form 10-K for the year  ended  March 31,  2005.  For  these  statements,  the
Company claims the protection of the safe harbor for forward-looking  statements
contained in the Private Securities  Litigation Reform Act of 1995. We expressly
disclaim any responsibility to update forward-looking  statements,  whether as a
result of new information,  future events or otherwise.  Accordingly,  investors
should use caution in relying on forward-looking statements,  which are based on
results and trends at the time they are made,  to anticipate  future  results or
trends.

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

As of September 30, 2005, 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,  which
has been  eliminated in  consolidation,  and not including  acquisition  fees of
approximately  $1,771,000)  of net proceeds in fourteen  Local  Partnerships  of
which  approximately  $1,360,000  remains  to be paid to the Local  Partnerships
(including  approximately  $562,000 being held in escrow) as certain benchmarks,
such as  occupancy  level,  must be attained  prior to the release of the funds.
During the six months ended September 30, 2005,  approximately  $32,000 was paid
to the Local Partnerships.

Short-Term

The Partnership's  primary sources of funds, in addition to operations,  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.

For the six months ended  September 30, 2005,  cash and cash  equivalents of the
Partnership  and its  fourteen  consolidated  Local  Partnerships  decreased  by
approximately  $65,000.  This  decrease  was due to a  decrease  in due to local
general and affiliates relating to investing activities ($18,000), repayments of
mortgage  notes  ($228,000)  and a decrease in  capitalization  of  consolidated
subsidiaries attributable to minority interest ($51,000) which exceeded net cash
provided  by  operating  activities  ($189,000)  and a decrease  in cash held in
escrow relating to investing activities  ($43,000).  Included in the adjustments
to  reconcile  the net loss to net cash  provided  by  operating  activities  is
depreciation and amortization of approximately $1,219,000.

Total  expenses for the three and six months ended  September 30, 2005 and 2004,
excluding   depreciation   and   amortization,    interest   and   general   and
administrative-related parties, totaled $974,781 and $989,135 and $1,950,972 and
$1,990,527,   respectively.  Accounts  payable  and  other  liabilities  totaled
$9,587,993 and  $9,075,556,  respectively,  which are comprised of the following
amounts:
<TABLE>
<CAPTION>
                                 September 30,           March 31,
                                     2005                  2005
                                 -------------        -------------
<S>                              <C>                  <C>
Accounts payable                 $     558,377        $     457,500
Accrued interest payable             8,670,727            8,236,181
Security deposits payable              358,889              381,875
                                 -------------        -------------

   Total accounts payable        $   9,587,993        $   9,075,556
                                 =============        =============
</TABLE>

Accounts payable are short term  liabilities  which are expected to be paid from
operating cash flows,  working capital balances at the Local Partnership  level,
local general partner  advances and in certain  circumstances  advances from the
Partnership.  Because the provisions of the secondary loans defer the payment of
accrued interest of the respective Local Partnerships,  the Partnership believes
it (and the applicable Local Partnerships) has sufficient  liquidity and ability
to generate cash and to meet existing and known or reasonably likely future cash
requirements over both the short and long term.

As  indicated  in  the  above  table,   accrued   interest   payable   comprised
approximately  90% and 91% of the total accounts  payable and other  liabilities
amount at September  30, 2005 and March 31,  2005.  Such amount  represents  the
accrued  interest on all mortgage  loans,  which  include  primary and secondary
loans. Certain secondary loans have provisions such that interest is accrued but
not payable  until a future date.  The  Partnership  anticipates  the payment of
accrued  interest on the  secondary  loans  (which  make up the  majority of the
accrued interest payable amount indicated in the above table and which have been
accumulating  since  the  Partnership's   investment  in  the  respective  Local
Partnership)  will be made from  future  refinancings  or sales  proceeds of the
respective Local Partnerships.  In addition,  each Local Partnership's  mortgage
notes are  collateralized  by the land and  buildings  of the  respective  Local
Partnership, and are without further recourse to the Partnership.

Security  deposits payable are offset by cash held in security  deposits,  which
are included in "Cash held in escrow" on the financial statements.

At September 30, 2005, there is no working capital. The General Partner believes
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.  During the
three months ended June 30, 2005, there have been no cash distributions received
from the Local Partnerships.

                                       8
<PAGE>


Long-Term
---------

Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $2,135,000 and $1,967,000 were accrued and unpaid as of September
30,  2005 and  March 31,  2005,  respectively.  Without  the  General  Partner's
advances  and  continued  accrual  without  payment of certain  fees and expense
reimbursements,  the  Partnership  will  not  be  in  a  position  to  meet  its
obligations.  The General Partner has continued to advance and allow the accrual
without payment of these amounts but is under no obligation to continue to do so
(see Note 2).

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  Partnership  has fully invested the proceeds of its
offering in fourteen Local Partnerships,  all of which have their tax credits in
place,  and are  expected  to begin  expiring in 2006.  The tax credits  will be
attached to the  property  for a period of ten years,  and will be  transferable
with the property during the remainder of such ten-year period. If trends in the
real estate market  warranted the sale of a property,  the remaining tax credits
would  transfer to the new owner,  thereby  adding  value to the property on the
market.  However,  such  value  declines  each year and is not  included  in the
financial statement carrying amount.

Critical Accounting Policies
----------------------------

In preparing the condensed  consolidated  financial  statements,  management has
made estimates and  assumptions  that affect the reported  amounts of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes are critical to the  preparation of the  consolidated
financial  statements.  The summary should be read in conjunction  with the more
complete discussion of the Partnership's  accounting policies included in Note 2
to the consolidated financial statements which are included in the Partnership's
annual report on Form 10-K for the year ended March 31, 2005.

Property and Equipment
----------------------

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts  and the profit or loss on such  disposition  is reflected in earnings.
The Partnership complies with Statement of Financial Accounting Standards (SFAS)
No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets". A loss
on  impairment  of  assets  is  recorded  when  management   estimates   amounts
recoverable   through  future   operations  and  sale  of  the  property  on  an
undiscounted basis are below depreciated cost. At that time property investments
themselves are reduced to estimated fair value  (generally using discounted cash
flows) when the property is considered to be impaired and the  depreciated  cost
exceeds  estimated fair value.  Through  September 30, 2005, the Partnership has
not recorded any loss on impairment  of assets or  reductions to estimated  fair
value.

Revenue Recognition
-------------------

Rental  income is earned  under  standard  residential  operating  leases and is
typically  due the first day of each month,  but can vary by property due to the
terms of the tenant leases.  Rental income is recognized when earned and charged
to tenants' accounts receivable if not received by the due date. Rental payments
received in advance of the due date are deferred until earned.  Rental subsidies
are recognized as rental income during the month in which it is earned.

Other  revenues are  recorded  when earned and consist of the  following  items:
Interest  income  earned on cash and cash  equivalent  balances and cash held in
escrow balances,  income from forfeited security deposits, late charges, laundry
and vending income and other rental related items.

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

The results of operations for the three and six months ended  September 30, 2005
and  2004  continued  to be in the  form of  rental  income  with  corresponding
expenses divided among operations, depreciation and mortgage interest.

Rental  income  increased  approximately  3% and 4% for the three and six months
ended  September  30,  2005 as compared  to the  corresponding  periods in 2004,
primarily due to HUD increasing rents at one Local Partnership as well as rental
rate increases at the other Local Partnerships.

Other income  increased  approximately  $7,000 and $22,000 for the three and six
months  ended  September  30, 2005 as compared to the  corresponding  periods in
2004,  primarily due to an increase in tenant  charges at one Local  Partnership
and an operating  escrow  withdrawal  which was  recognized as other income at a
second Local Partnership.

Total  expenses,  excluding  general  and  administrative-related   parties  and
operating,  remained fairly consistent, with a decrease of less than 1% for both
the  three  and  six  months  ended  September  30,  2005  as  compared  to  the
corresponding periods in 2004.

General and  administrative-related  parties increased approximately $53,000 and
$94,000 for the three and six months ended September 30, 2005 as compared to the
corresponding  periods  in  2004,  primarily  due  to  an  increase  in  expense
reimbursements at the Partnership level and two Local Partnerships changing from
third party management  companies in 2004 to affiliated  management companies in
2005.

Operating  expense  increased  approximately  $36,000 for the three months ended
September 30, 2005 as compared to the  corresponding  period in 2004,  primarily
due to an underaccrual  of utility  expenses during the first quarter of 2005 at
one Local Partnership as compared to the second quarter of 2005.

                                       9
<PAGE>

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The  Partnership  has  mortgage  notes  that are  payable in  aggregate  monthly
installments  including principal and interest at rates varying from 0% to 9.11%
per annum.  The Partnership does not believe there is a material risk associated
with the  various  interest  rates  associated  with the  mortgage  notes as the
majority  of  the  Local  Partnership  mortgage  notes  have  fixed  rates.  The
Partnership currently discloses in Item 8, Note 3 to the consolidated  financial
statements  in the  Partnership's  Annual Report on Form 10-K for the year ended
March 31, 2005, the fair value of the mortgage notes payable.

The Partnership does not have any other market risk sensitive instruments.

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES The Chief Executive Officer and
Chief Financial Officer of Related  Independence  L.L.C., the general partner of
the Partnership 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  ("Exchange
Act")),  as of the end of the  period  covered  by this  report.  Based  on such
evaluation,  such officer has concluded that, as of the end of such period,  the
Partnership's disclosure controls and procedures are effective.

CHANGES IN INTERNAL  CONTROL OVER  FINANCIAL  REPORTING  There have not been any
changes in the  Partnership's  internal control over financial  reporting 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.

                                       10
<PAGE>

                           PART II. OTHER INFORMATION



Item 1.    Legal Proceedings - None

Item 2.    Unregistered Sales of Equity 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

           (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**

           (31.1) Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a).

           (32.1) Certification Pursuant to Rule 13a-14(b) or Rule 15d-14(b) and
                  Section 1350 of Title 18 of the United  States Code (18 U.S.C.
                  1350).

           *      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.




<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: November 2, 2005
      ----------------

                                            By:  /s/ Alan P. Hirmes
                                                 ------------------
                                                 Alan P. Hirmes,
                                                 President and Member
                                                 (Chief Executive Officer and
                                                  Chief Financial Officer)


Date: November 2, 2005
      ----------------

                                            By:  /s/ Glenn F. Hopps
                                                 ------------------
                                                 Glenn F. Hopps,
                                                 Treasurer
                                                 (Principal Accounting Officer)




<PAGE>

                                                                    Exhibit 31.1


                         CERTIFICATION PURSUANT TO RULE
                           13a-14(a) OR RULE 15d-14(a)


I, Alan P.  Hirmes,  Chief  Executive  Officer  and Chief  Financial  Officer of
Related  Independence  L.L.C.  (the  "General  Partner"),  which is the  General
Partner of  Independence  Tax Credit Plus L.P. IV (the  "Partnership"),  certify
that:

     1)  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending September 30, 2005 of the Partnership;

     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  Partnership  as of,  and for,  the  periods  presented  in this
         report;

     4)  I am responsible for establishing and maintaining  disclosure  controls
         and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-(e))
         and internal  control over financial  reporting (as defined in Exchange
         Act Rules 13a-15(f) and 15d-15(f)) for the Partnership and have:

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

         b) designed such internal control over financial  reporting,  or caused
         such internal control over financial  reporting to be designed under my
         supervision,  to provide reasonable assurance regarding the reliability
         of financial reporting and the preparation of financial  statements for
         external  purposes in accordance  with  generally  accepted  accounting
         principles;

         c) evaluated the effectiveness of the Partnership's disclosure controls
         and procedures  and presented in this report my  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

         d)  disclosed in this report any change in the  Partnership's  internal
         control over financial reporting that occurred during the Partnership's
         most  recent  fiscal  quarter  that  has  materially  affected,  or  is
         reasonably  likely to materially  affect,  the  Partnership's  internal
         control over financial reporting; and

     5)  I have  disclosed,  based  on my most  recent  evaluation  of  internal
         control over financial reporting,  to the Partnership's auditors and to
         the boards of directors of the General Partners:

         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  Partnership'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  Partnership's
         internal control over financial reporting.



         Date: November 2, 2005
               ----------------

                                                By:  /s/ Alan P. Hirmes
                                                     ------------------
                                                     Alan P. Hirmes,
                                                     Chief Executive Officer and
                                                     Chief Financial Officer


<PAGE>


                                                                    Exhibit 32.1


                             CERTIFICATION PURSUANT
                       TO RULE 13a-14(b) OR RULE 15d-14(b)
                          AND SECTION 1350 OF TITLE 18
                   OF THE UNITED STATES CODE (18 U.S.C. 1350)


In connection with the Quarterly  Report of Independence Tax Credit Plus L.P. IV
(the  "Partnership")  on Form 10-Q for the period  ended  September  30, 2005 as
filed with the  Securities  and Exchange  Commission  ("SEC") on the date hereof
(the "Report"),  I, Alan P. Hirmes,  Chief Executive Officer and Chief Financial
Officer of  Related  Independence  L.L.C.  which is the  general  partner of the
Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:


       (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 result of  operations of the
Partnership.


A signed  original of this  written  statement  required by Section 906 has been
provided  to the  Partnership  and  will  be  retained  by the  Partnership  and
furnished to the SEC or its staff upon request.



By:  /s/ Alan P. Hirmes
     ------------------
     Alan P. Hirmes,
     Chief Executive Officer and
     Chief Financial Officer
     November 2, 2005