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, 2007


                                       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 a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 or the Exchange  Act.  (Check
one):

Large accelerated filer [ ]   Accelerated filer [ ]    Non-accelerated filer [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>
                                                                                    June 30,        March 31,
                                                                                      2007            2007
                                                                                  ------------    ------------
                                                                                   (Unaudited)      (Audited)
<S>                                                                               <C>             <C>
                                     ASSETS

Property and equipment - at cost, net of accumulated depreciation of
  $22,066,337 and $21,471,763, respectively                                       $ 59,335,041    $ 59,929,615
Cash and cash equivalents                                                            1,286,255       1,375,669
Cash held in escrow                                                                  3,568,783       3,400,368
Deferred costs, net of accumulated amortization of $721,424 and
  $710,378, respectively                                                               475,297         486,343
Due from local general partners and affiliates                                         240,589         231,589
Other assets                                                                           565,589         596,867
                                                                                  ------------    ------------

Total assets                                                                      $ 65,471,554    $ 66,020,451
                                                                                  ============    ============


                   LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)


Liabilities:
   Mortgage notes payable                                                         $ 34,943,245    $ 35,051,752
   Accounts payable                                                                    507,522         451,390
   Accrued interest payable                                                          9,662,993       9,493,633
   Security deposit payable                                                            409,931         415,159
   Due to local general partners and affiliates                                      1,760,309       1,775,063
   Due to general partner and affiliates                                             3,845,531       3,727,579
                                                                                  ------------    ------------

Total liabilities                                                                   51,129,531      50,914,576
                                                                                  ------------    ------------

Minority interest                                                                    1,813,133       1,837,730
                                                                                  ------------    ------------

Partners' capital (deficit):
   Limited partners (45,844 Beneficial Assignment Certificates
    ("BACs") issued and outstanding)                                                12,811,137      13,542,999
   General partner                                                                    (282,247)       (274,854)
                                                                                  ------------    ------------

Total partners' capital (deficit)                                                   12,528,890      13,268,145
                                                                                  ------------    ------------

Total liabilities and partners' capital (deficit)                                 $ 65,471,554    $ 66,020,451
                                                                                  ============    ============
</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
                                                                June 30,
                                                       --------------------------
                                                           2007           2006
                                                       -----------    -----------
<S>                                                    <C>            <C>
Revenues
Rental income                                          $ 1,516,884    $ 1,463,977
Other income                                               100,762        106,246
                                                       -----------    -----------

Total revenues                                           1,617,646      1,570,223
                                                       -----------    -----------

Expenses
General and administrative                                 464,089        398,102
General and administrative-related parties                 175,341        187,115
Repairs and maintenance                                    255,888        260,764
Operating and other                                        250,427        251,410
Taxes                                                       45,583         44,686
Insurance                                                   91,637         94,534
Interest                                                   468,913        485,343
Depreciation and amortization                              605,620        606,108
                                                       -----------    -----------

Total expenses                                           2,357,498      2,328,062
                                                       -----------    -----------


Loss before minority interest                             (739,852)      (757,839)
Minority interest in loss of subsidiary partnerships           597          9,551
                                                       -----------    -----------

Net loss                                               $  (739,255)   $  (748,288)
                                                       ===========    ===========

Net loss - limited partners                            $  (731,862)   $  (740,805)
                                                       ===========    ===========

Weighted average number of BACs outstanding                 45,844         45,844
                                                       ===========    ===========

Net loss per BAC                                       $    (15.96)   $    (16.16)
                                                       ===========    ===========
</TABLE>

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, 2007   $ 13,268,145    $ 13,542,999    $   (274,854)

Net loss                                          (739,255)       (731,862)         (7,393)
                                              ------------    ------------    ------------

Partners' capital (deficit) - June 30, 2007   $ 12,528,890    $ 12,811,137    $   (282,247)
                                              ============    ============    ============
</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>
                                                                                      Three Months Ended
                                                                                           June 30,
                                                                                  --------------------------
                                                                                      2007           2006
                                                                                  -----------    -----------
<S>                                                                               <C>            <C>
Cash flows from operating activities:
Net loss                                                                          $  (739,255)   $  (748,288)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization                                                         605,620        606,108
Minority interest in loss of subsidiary partnerships                                     (597)        (9,551)
Increase in cash held in escrow                                                      (177,324)      (321,375)
Decrease in other assets                                                               31,278         53,796
Increase in accounts payable                                                           56,132         84,929
Increase in accrued interest payable                                                  169,360        301,694
Decrease in security deposit payable                                                   (5,228)       (36,017)
(Increase) decrease in due from local general partners and affiliates                  (9,000)        31,000
Increase (decrease) in due to local general partners and affiliates                     2,628        (23,430)
Increase in due to general partner and affiliates                                     117,952        118,165
                                                                                  -----------    -----------

Total adjustments                                                                     790,821        805,319
                                                                                  -----------    -----------

Net cash provided by operating activities                                              51,566         57,031
                                                                                  -----------    -----------

Cash flows from investing activities:
Release of cash held in escrow                                                          8,909         17,853
Net payments (to) from local general partners and affiliates                          (17,382)        30,953
                                                                                  -----------    -----------

Net cash (used in) provided by investing activities                                    (8,473)        48,806
                                                                                  -----------    -----------

Cash flows from financing activities:
Repayments of mortgage notes                                                         (108,507)       (93,825)
Decrease in capitalization of consolidated subsidiaries attributable  to
  minority interest                                                                   (24,000)             0
                                                                                  -----------    -----------

Net cash used in financing activities                                                (132,507)       (93,825)
                                                                                  -----------    -----------

Net (decrease) increase in cash and cash equivalents                                  (89,414)        12,012
Cash and cash equivalents at beginning of period                                    1,375,669      1,486,123
                                                                                  -----------    -----------
Cash and cash equivalents at end of period                                        $ 1,286,255    $ 1,498,135
                                                                                  ===========    ===========

Supplemental disclosure of cash flow information:
Cash paid during period for interest                                              $   299,552    $   183,649
                                                                                  ===========    ===========
</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
                                  June 30, 2007
                                   (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  ("Properties") that are
eligible  for  the  low-income  housing  tax  credit,  some of  these  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 first fiscal quarter ends
June 30. The first quarter for all  subsidiaries  ends March 31. Accounts of the
subsidiaries  have been  adjusted  for  intercompany  transactions  from April 1
through June 30. The  Partnership's  fiscal  quarter ends three months after the
subsidiaries  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 arises from cash  contributions  from and cash
distributions to the minority interest partners.

Losses  attributable to minority  interests that exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately  $3,000 and $2,000 for each of the three  months ended
June 30,  2007 and 2006,  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
("GAAP") 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, 2007.

The books and records of the  Partnership are maintained on the accrual basis of
accounting in accordance with GAAP. 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 June 30, 2007 and its results of operations and cash flows for
the three months ended June 30, 2007 and 2006.  However,  the operating  results
for the three  months ended June 30, 2007 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 months ended June 30, 2007
and 2006 were as follows:
<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                              June 30,
                                                      -------------------------
                                                          2007          2006
                                                      -----------   -----------
<S>                                                   <C>           <C>
Partnership management fees (a)                       $    84,280   $    84,280
Expense reimbursement (b)                                  24,454        37,100
Local administrative fee (c)                               15,750        19,000
                                                      -----------   -----------

Total general and administrative-General Partner          124,484       140,380
                                                      -----------   -----------

Property management fees incurred to affiliates of
  the subsidiary partnerships' general partners (d)        50,857        46,735
                                                      -----------   -----------

Total general and administrative-related parties      $   175,341   $   187,115
                                                      ===========   ===========
</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
                                  June 30, 2007
                                   (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  $2,725,000 and $2,641,000  were accrued and unpaid as of June 30,
2007 and March 31, 2007, 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
$97,991  and  $86,952  for the  three  months  ended  June 30,  2007  and  2006,
respectively.  Of these fees, $50,857 and $46,735 were incurred to affiliates of
the subsidiary partnerships' general partners ("Local 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, 2007.

                                       7
<PAGE>

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

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

As of June 30, 2007,  the  Partnership  has invested  approximately  $37,555,000
(including   approximately   $902,000   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  $1,024,000  remains  to be paid to the Local  Partnerships
(including  approximately  $485,000 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, 2007,  approximately  $15,000 was paid to
the Local Partnerships.

Off-Balance Sheet Arrangements
------------------------------
The Partnership has no off-balance sheet arrangements.

Tabular Disclosure of Contractual Obligations
---------------------------------------------
The Partnership  disclosed in Item 7 of the Partnership's  Annual Report on Form
10-K for the year ended March 31, 2007,  the  Partnership's  commitments to make
future  payments under its debt  agreements and other  contractual  obligations.
There are no material changes to such disclosure or amounts as of June 30, 2007.

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 three  months  ended June 30,  2007,  cash and cash  equivalents  of the
Partnership  and its  fourteen  consolidated  Local  Partnerships  decreased  by
approximately  $89,000. This decrease was due to repayments of mortgage notes of
approximately  $109,000, net repayments of amounts due to local general partners
and affiliates relating to investing  activities of approximately  $17,000 and a
decrease in capitalization of consolidated subsidiaries attributable to minority
interest of approximately  $24,000.  Such outflows exceeded net cash provided by
operating  activities  of  approximately  $52,000 and a decrease in cash held in
escrow  from  investing  activities  of  approximately  $9,000.  Included in the
adjustments  to  reconcile  the  net  loss to net  cash  provided  by  operating
activities is depreciation and amortization of approximately $606,000.

Total  expenses  for the three  months  ended June 30, 2007 and 2006,  excluding
depreciation and amortization,  interest and general and  administrative-related
parties, totaled $1,107,624 and $1,049,496, respectively.

Accounts  payable as of June 30,  2007 and March 31,  2007,  were  $507,522  and
$451,390,  respectively.  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.  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.

Accrued  interest  payable as of June 30, 2007 and March 31, 2007 was $9,662,993
and $9,493,633,  respectively.  Accrued interest payable  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 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.
Furthermore,  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 June  30,  2007,  there  is  approximately  $97,000  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.  During the three months
ended  June 30,  2007,  no cash  distributions  were  received  from  the  Local
Partnerships.

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

Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $2,725,000 and $2,641,000  were accrued and unpaid as of June 30,
2007 and March 31, 2007,  respectively.  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).

The Local  Partnerships  are impacted by inflation  in several  ways.  Inflation
allows for  increases in rental rates  generally to reflect the impact of higher
operating and  replacement  costs.  Furthermore,  inflation  generally  does not
impact the fixed long-term financing under which real property  investments were
purchased. Inflation also affects the Local Partnerships adversely by increasing
operating costs, such as fuel, utilities, and labor.

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

                                       8
<PAGE>

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.  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. The Credit
Periods are scheduled to expire at various times through  December 31, 2010 with
respect  to the  Local  Partnerships  depending  upon  when  the  Credit  Period
commenced.

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  condensed
consolidated  financial  statements.  The summary  should be read in conjunction
with the more  complete  discussion  of the  Partnership's  accounting  policies
included in Item 8, 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, 2007.

Property and Equipment/Valuation of Long-Lived Assets
-----------------------------------------------------

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 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 June 30, 2007, 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  months  ended June 30, 2007 and 2006
continued to be in the form of rental income with corresponding expenses divided
among operations, depreciation and mortgage interest.

Rental  income  increased  approximately  4% for the three months ended June 30,
2007,  as  compared to the  corresponding  period in 2006,  primarily  due to an
increase  in  rental  rates  and  a  decrease  in  vacancies  at  several  Local
Partnerships.

Total  expenses,   excluding   general  and   administrative,   remained  fairly
consistent,  with a decrease of approximately 2% for the three months ended June
30, 2007, as compared to the corresponding period in 2006.

General and  administrative  expenses  increased  approximately  $66,000 for the
three  months ended June 30, 2007,  as compared to the  corresponding  period in
2006,  primarily due to an increase in tax credit restructuring costs in 2007 at
one Local Partnership and an increase in salaries at a second Local Partnership.

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 disclosed 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,
2007,  the fair  value of the  mortgage  notes  payable.  There are no  material
changes to such disclosure amounts as of June 30, 2007.

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
the Chief Financial Officer of Related  Independence L.L.C., the general partner
of the  Partnership  have  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 officers have concluded that, as of the end of such period, the
Partnership's disclosure controls and procedures are effective.

                                       9
<PAGE>

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 1A.   Risk Factors - No changes

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).

           (31.2) 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.


                                       11
<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.,
                                      a General Partner



Date: August 1, 2007
      --------------
                                      By:  /s/ Robert L. Levy
                                           ------------------
                                           Robert L. Levy
                                           Chief Financial Officer



Date: August 1, 2007
      --------------
                                      By:  /s/ Andrew J. Weil
                                           ------------------
                                           Andrew J. Weil
                                           President and Chief Executive Officer


                                       12
<PAGE>

                                                                    Exhibit 31.1


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


I, Robert L. Levy, certify that:

     1)  I have reviewed this quarterly report on Form 10-Q for the period ended
         June 30, 2007 of Independence Tax Credit Plus L.P. 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 condensed consolidated financial statements,
         and other financial information included in this report, fairly present
         in all material respects the consolidated financial condition,  results
         of  operations  and cash flows of the  registrant  as of, and for,  the
         periods presented in this report;

     4)  The  registrant's  other  certifying  officer 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))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant 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
         registrant 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) Designed such internal control over financial  reporting,  or caused
         such internal control over financial reporting to be designed under our
         supervision,  to provide reasonable assurance regarding the reliability
         of financial  reporting and the  preparation of condensed  consolidated
         financial statements for external purposes in accordance with generally
         accepted accounting principles;

         c) Evaluated the effectiveness of the registrant'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

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

     5)  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant'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  registrant'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  registrant's
         internal control over financial reporting.



         Date: August 1, 2007
               --------------

                                                     By: /s/ Robert L. Levy
                                                         ------------------
                                                         Robert L. Levy
                                                         Chief Financial Officer


                                       13
<PAGE>

                                                                    Exhibit 31.2


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


I, Andrew J. Weil, certify that:

     1)  I have reviewed this quarterly report on Form 10-Q for the period ended
         June 30, 2007 of Independence Tax Credit Plus L.P. 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 condensed consolidated financial statements,
         and other financial information included in this report, fairly present
         in all material respects the consolidated financial condition,  results
         of  operations  and cash flows of the  registrant  as of, and for,  the
         periods presented in this report;

     4)  The  registrant's  other  certifying  officer 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))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant 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
         registrant 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) Designed such internal control over financial  reporting,  or caused
         such internal control over financial reporting to be designed under our
         supervision,  to provide reasonable assurance regarding the reliability
         of financial  reporting and the  preparation of condensed  consolidated
         financial statements for external purposes in accordance with generally
         accepted accounting principles;

         c) Evaluated the effectiveness of the registrant'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

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

     5)  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant'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  registrant'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  registrant's
         internal control over financial reporting.



         Date: August 1, 2007
               --------------

                                                     By: /s/ Andrew J. Weil
                                                         ------------------
                                                         Andrew J. Weil
                                                         Chief Executive Officer

                                       14
<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
on Form 10-Q for the period ended June 30, 2007 as filed with the Securities and
Exchange Commission ("SEC") on the date hereof (the "Report"), I, Robert L. Levy
and I, Andrew J. Weil, 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 condensed consolidated financial condition and result of
operations of the registrant.

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



By:  /s/ Robert L. Levy                             By:  /s/ Andrew J. Weil
     ------------------                                  ------------------
     Robert L. Levy                                      Andrew J. Weil
     Chief Financial Officer                             Chief Executive Officer
     August 1, 2007                                      August 1, 2007

                                       15