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, 2004

                                       OR

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

                         Commission File Number 33-89968

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

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

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

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

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

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


<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

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

<TABLE>
<CAPTION>

                                                  =============      ===========
                                                   September 30,      March 31,
                                                      2004              2004
                                                  -------------      -----------
                                                   (Unaudited)
<S>                                                <C>               <C>
ASSETS

Property and equipment - at cost,
  net of accumulated depreciation
  of $15,484,073 and $14,320,391,
  respectively                                     $65,870,034       $67,033,716
Cash and cash equivalents                            1,620,838         1,730,897
Cash held in escrow                                  3,387,515         3,292,937
Deferred costs, net of accumulated
  amortization of $507,058 and
  $472,279, respectively                               672,058           706,837
Other assets                                           500,910           527,773
                                                   -----------       -----------
Total assets                                       $72,051,355       $73,292,160
                                                   ===========       ===========

</TABLE>


                                       2
<PAGE>



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

<TABLE>
<CAPTION>

                                                   ============    =============
                                                   September 30,     March 31,
                                                       2004            2004
                                                   ------------    -------------
                                                    (Unaudited)

<S>                                                <C>             <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
  Mortgage notes payable                           $ 36,105,908    $ 36,312,132
  Accounts payable and other
   liabilities                                        8,600,397       8,239,856
  Due to local general partners and
   affiliates                                         2,042,004       2,116,876
  Due to general partner and affiliates               2,392,508       2,143,413
                                                   ------------    ------------
Total liabilities                                    49,140,817      48,812,277
                                                   ------------    ------------

Minority interest                                     1,886,498       1,925,663
                                                   ------------    ------------

Partners' capital (deficit):
  Limited partners (45,844 BACs
   issued and outstanding)                           21,221,334      22,736,212
  General partner                                      (197,294)       (181,992)
                                                   ------------    ------------
Total partners' capital (deficit)                    21,024,040      22,554,220
                                                   ------------    ------------
Total liabilities and partners'
  capital (deficit)                                $ 72,051,355    $ 73,292,160
                                                   ============    ============

</TABLE>

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


                                       3
<PAGE>



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

<TABLE>
<CAPTION>


                           Three Months Ended             Six Months Ended
                              September 30,                 September 30,
                       --------------------------    ---------------------------
                          2004           2003           2004            2003
                       --------------------------    ---------------------------
<S>                    <C>            <C>            <C>            <C>
Revenues
Rental income          $ 1,428,223    $ 1,443,323    $ 2,863,102    $ 2,899,030
Other income
  (principally
  interest income)          46,590         51,087         92,569         98,044
                       -----------    -----------    -----------    -----------
Total revenues           1,474,813      1,494,410      2,955,671      2,997,074
                       -----------    -----------    -----------    -----------

Expenses
General and
  administrative           402,469        398,969        816,947        780,712
General and
  administrative-
  related parties          163,879        163,330        318,526        322,721
Repairs and
  maintenance              273,822        251,559        495,045        489,952
Operating                  177,742        152,589        387,991        347,771
Taxes                       47,499         41,563         95,161         90,050
Insurance                   87,603         76,662        195,383        162,854
Interest                   473,958        540,083        990,326      1,082,035
Depreciation and
  amortization             570,284        634,591      1,198,461      1,267,083
                       -----------    -----------    -----------    -----------
Total expenses           2,197,256      2,259,346      4,497,840      4,543,178
                       -----------    -----------    -----------    -----------

Loss before
  minority
  interest                (722,443)      (764,936)    (1,542,169)    (1,546,104)
Minority interest in
  loss of subsidiary
  partnerships               6,928          8,371         11,989         13,092
                       -----------    -----------    -----------    -----------
Net loss               $  (715,515)   $  (756,565)   $(1,530,180)   $(1,533,012)
                       ===========    ===========    ===========    ===========

Net loss - limited
  partners             $  (708,360)   $  (748,999)   $(1,514,878)   $(1,517,682)
                       ===========    ===========    ===========    ===========

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

Net loss per BAC       $    (15.45)   $    (16.34)   $    (33.04)   $    (33.11)
                       ===========    ===========    ===========    ===========

</TABLE>

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

                                       4
<PAGE>



                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statement of Changes in
                           Partners' Capital (Deficit)
                   For the Six Months Ended September 30, 2004
                                   (Unaudited)

<TABLE>
<CAPTION>

                                 ===============================================
                                                    Limited           General
                                    Total           Partners          Partner
                                 -----------------------------------------------
<S>                              <C>              <C>              <C>
Partners' capital
  (deficit) - April 1,
  2004                           $ 22,554,220     $ 22,736,212     $   (181,992)

Net loss                           (1,530,180)      (1,514,878)         (15,302)
                                 ------------     ------------     ------------

Partners' capital
  (deficit) -
  September 30, 2004             $ 21,024,040     $ 21,221,334     $   (197,294)
                                 ============     ============     ============

</TABLE>

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

                                       5
<PAGE>



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

<TABLE>
<CAPTION>

                                                  ==============================
                                                         Six Months Ended
                                                          September 30,
                                                  ------------------------------
                                                     2004               2003
                                                  ------------------------------
<S>                                               <C>               <C>

Cash flows from operating activities:
Net loss                                          $(1,530,180)      $(1,533,012)
                                                  -----------       -----------
Adjustments to reconcile net loss
  to net cash provided by operating
  activities:
Depreciation and amortization                       1,198,461         1,267,083
Minority interest in loss of
  subsidiary partnerships                             (11,989)          (13,092)
Increase in cash held in escrow                      (159,233)         (321,861)
Decrease (increase) in other assets                    26,863           (14,738)
Increase in accounts payable
  and other liabilities                               360,541           849,723
Increase in due to local general
  partners and affiliates                               7,601            11,536
Decrease in due to local general
  partners and affiliates                             (10,058)           (4,266)
Increase in due to general partner
  and affiliates                                      249,095           231,443
                                                  -----------       -----------
  Total adjustments                                 1,661,281         2,005,828
                                                  -----------       -----------

Net cash provided by operating
  activities                                          131,101           472,816
                                                  -----------       -----------

</TABLE>

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

                                       6
<PAGE>



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

<TABLE>
<CAPTION>

                                                    ============================
                                                          Six Months Ended
                                                           September 30,
                                                    ----------------------------
                                                       2004             2003
                                                    ----------------------------

<S>                                                 <C>             <C>
Cash flows from investing activities:
Decrease  (increase) in cash held in  escrow             64,655         (29,198)
Increase in due to local general
  partners and affiliates                                     8              98
Decrease in due to local general
  partners and affiliates                               (72,423)       (181,876)
                                                    -----------     -----------
Net cash used in investing activities                    (7,760)       (210,976)
                                                    -----------     -----------

Cash flows from financing activities:
Repayments of mortgage notes                           (206,224)       (421,678)
Decrease in capitalization of consolidated
  subsidiaries attributable to minority
  interest                                              (27,176)              0
                                                    -----------     -----------
Net cash used in financing
  activities                                           (233,400)       (421,678)
                                                    -----------     -----------

Net decrease in cash and cash
  equivalents                                          (110,059)       (159,838)
Cash and cash equivalents at
  beginning of period                                 1,730,897       2,037,966
                                                    -----------     -----------
Cash and cash equivalents at
  end of period                                     $ 1,620,838     $ 1,878,128
                                                    ===========     ===========


</TABLE>

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

                                       7
<PAGE>



                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                               September 30, 2004
                                   (Unaudited)


Note 1 - General


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

For  financial  reporting  purposes,   the  Partnership's  fiscal  quarter  ends
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  $3,000 and $0 and $5,000 and $3,000 for the three and
six months ended September 30, 2004 and 2003,  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



                                       8
<PAGE>



                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                               September 30, 2004
                                   (Unaudited)


have been omitted or condensed.  These condensed financial  statements should be
read in conjunction with the financial  statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the year ended March 31, 2004.

The books and records of the  Partnership are maintained on the accrual basis of
accounting in accordance with generally accepted accounting  principles.  In the
opinion of the General Partner of the Partnership,  the  accompanying  unaudited
financial  statements  contain  all  adjustments   (consisting  only  of  normal
recurring adjustments) necessary to present fairly the financial position of the
Partnership  as of September 30, 2004,  its results of operations  for the three
and six months ended  September 30, 2004 and 2003 and its cash flows for the six
months ended September 30, 2004 and 2003. However, the operating results for the
six months ended September 30, 2004 may not be indicative of the results for the
entire year.



                                       9
<PAGE>



                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                               September 30, 2004
                                   (Unaudited)


Note 2 - Related Party Transactions

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

The costs  incurred  to  related  parties  for the three  and six  months  ended
September 30, 2004 and 2003 were as follows:


                                     Three Months Ended       Six Months Ended
                                        September 30,           September 30,
                                    --------------------    --------------------
                                      2004        2003        2004        2003
                                    --------------------    --------------------

Partnership manage-
  ment fees (a)                     $ 84,280    $ 84,280    $168,560    $168,560
Expense reimburse-
  ment (b)                            36,256      40,358      65,112      76,239
Local administrative
  fee (c)                             16,000      13,000      31,000      26,000
                                    --------    --------    --------    --------
Total general and
  administrative-
  General Partner                    136,536     137,638     264,672     270,799
                                    --------    --------    --------    --------
Property manage-
  ment fees incurred
  to affiliates of the
  subsidiary
  partnerships'
  general
  partners (d)                        27,343      25,692      53,854      51,922
                                    --------    --------    --------    --------
Total general and
  administrative-
  related parties                   $163,879    $163,330    $318,526    $322,721
                                    ========    ========    ========    ========


(a) The General  Partner is entitled to receive a  partnership  management  fee,
after payment of all Partnership expenses,  which together with the annual local
administrative  fees  will not  exceed a maximum  of 0.5% per annum of  invested
assets (as defined in the Partnership Agreement),  for administering the affairs
of  the  Partnership.  Subject  to the  foregoing  limitation,  the  partnership
management fee will be determined by the General  Partner in its sole discretion
based  upon its  review of the  Partnership's  investments.  Unpaid  partnership
management  fees for any  year  will be  accrued  without  interest  and will be
payable from working capital  reserves or to the extent of available funds after
the  Partnership  has made  distributions  to the  limited  partners  of sale or
refinancing  proceeds equal to their original capital  contributions  plus a 10%



                                       10
<PAGE>



                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                               September 30, 2004
                                   (Unaudited)


priority return thereon (to the extent not  theretofore  paid out of cash flow).
Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $1,798,000 and $1,630,000 were accrued and unpaid as of September
30, 2004 and March 31, 2004, 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
$93,116 and $85,360 and $179,508 and $177,145 for the three and six months ended
September 30, 2004 and 2003,  respectively.  Of these fees,  $27,343 and $25,692
and  $53,854  and  $51,922  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, 2004.



                                       11
<PAGE>



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

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

The Partnership's  primary sources of funds, 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.

As of September 30, 2004, 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  $1,396,000  remains  to be paid to the Local  Partnerships
(including  approximately  $598,000 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, 2004, approximately $9,000 was paid to
the Local Partnerships.

For the six months ended  September 30, 2004,  cash and cash  equivalents of the
Partnership  and its  fourteen  consolidated  Local  Partnerships  decreased  by
approximately  $110,000. This decrease was due to a net decrease in due to local
general  partners and  affiliates  relating to investing  activities  ($72,000),
repayments of mortgage  notes  ($206,000) and an decrease in  capitalization  of
consolidated  subsidiaries  attributable  to minority  interest  ($27,000) which
exceeded cash provided by operating activities ($131,000) and a decrease in cash
held in escrow  relating  to  investing  activities  ($65,000).  Included in the
adjustments  to reconcile the net loss to cash provided by operating  activities
is depreciation and amortization of approximately $1,198,000.

At September 30, 2004,  there is  approximately  $51,000 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 six months
ended September 30, 2004,  there have been no cash  distributions  received from
the Local Partnerships.

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



                                       12
<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.  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  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 include in the Partnership's
annual report on Form 10-K for the year ended March 31, 2004.

a)  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.



                                       13
<PAGE>



b)  Income Taxes

No  provision  has been made for income taxes in the  accompanying  consolidated
financial  statements  since such taxes, if any, are the  responsibility  of the
individual partners.  For income tax purposes, the Partnership has a fiscal year
ending December 31.

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

The results of operations for the three and six months ended  September 30, 2004
and  2003  continued  to be in the  form of  rental  income  with  corresponding
expenses divided among operations, depreciation and mortgage interest.

Rental income decreased approximately 1% for both the three and six months ended
September 30, 2004 as compared to the  corresponding  periods in 2003 due to the
Housing and Urban Development lowering rents at one Local Partnership.

Total expenses,  excluding operating,  insurance and financial,  remained fairly
consistent,  with  decreases  of 2% and 1% for the  three and six  months  ended
September 30, 2004 as compared to the corresponding periods in 2003.

Operating expense increased  approximately $25,000 and $40,000 for the three and
six months ended September 30, 2004 as compared to the corresponding  periods in
2003,  primarily due to increases in fuel costs and water and sewer costs at one
Local Partnership.

Insurance expense increased  approximately $11,000 and $33,000 for the three and
six months ended September 30, 2004 as compared to the corresponding  periods in
2003,  primarily  due to  increases  in  insurance  premiums  at  several  Local
Partnerships.

Financial  expense  decreased  $66,000  and $92,000 for the three and six months
ended  September  30,  2004 as compared  to the  corresponding  periods in 2003,
primarily  due to an  overaccrual  in the  first  quarter  of 2004 at two  Local
Partnerships and no longer accruing interest on a developer fee according to the
local partnership agreement at a third Local Partnership.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

The Partnership does not have any 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




                                       14
<PAGE>



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.

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.


                                       15
<PAGE>



                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings - None

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

Item 3.    Defaults Upon Senior Securities - None

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

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K

           (a) Exhibits

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

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

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

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

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

               (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.

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


                                       16
<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:  October 29, 2004

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

Date:  October 29, 2004

                   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"),  hereby
certify that:

     1)  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending September 30, 2004 of the Partnership;

     2)  Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary  in  order  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 quarterly report;

     3)  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  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 quarterly report;

     4)  I am 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  Partnership and I
         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
         quarterly report was being prepared;



<PAGE>


         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; and

         c) evaluated the effectiveness of the Partnership'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  quarterly   report  based  on  such
         evaluation; and

         d) disclosed in this quarterly  report any change in the  Partnership's
         internal  control over  financial  reporting  that occurred  during the
         period ending  September 30, 2004 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: October 29, 2004

                             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, 2004 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
     October 29, 2004