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 December 31, 2003

                                       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>

                                                   ============    ============
                                                   December 31,       March 31,
                                                       2003             2003
                                                   ------------    ------------
                                                   (Unaudited)
<S>                                                <C>             <C>
ASSETS

Property and equipment - at cost,
  net of accumulated depreciation
  of $13,756,328 and $11,915,199,
  respectively                                     $ 67,559,449    $ 69,391,714
Cash and cash equivalents                             1,810,863       2,037,966
Cash held in escrow                                   3,350,967       2,961,291
Deferred costs, net of accumulated
  amortization of $468,453 and
  $401,523, respectively                                710,663         777,593
Other assets                                            598,437         492,936
                                                   ------------    ------------
Total assets                                       $ 74,030,379    $ 75,661,500
                                                   ============    ============
</TABLE>

                                       2
<PAGE>
                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Consolidated Condensed Balance Sheets
                                   (continued)
<TABLE>
<CAPTION>

                                                   ============    ============
                                                   December 31,       March 31,
                                                       2003             2003
                                                   ------------    ------------
                                                   (Unaudited)
<S>                                                <C>             <C>

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
  Mortgage notes payable                           $ 35,882,730    $ 36,401,006
  Accounts payable and other
   liabilities                                        8,525,820       7,429,413
  Due to local general partners and
   affiliates                                         2,338,389       2,583,149
  Due to general partner and affiliates               1,989,326       1,680,574
                                                   ------------    ------------
Total liabilities                                    48,736,265      48,094,142
                                                   ------------    ------------

Minority interest                                     1,930,447       1,951,864
                                                   ------------    ------------

Partners' capital (deficit):
  Limited partners (45,844 BACs
   issued and outstanding)                           23,537,564      25,766,873
  General partner                                      (173,897)       (151,379)
                                                   ------------    ------------
Total partners' capital (deficit)                    23,363,667      25,615,494
                                                   ------------    ------------
Total liabilities and partners'
  capital (deficit)                                $ 74,030,379    $ 75,661,500
                                                   ============    ============
</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               Nine Months Ended
                                December 31,                    December 31,
                        ---------------------------     ---------------------------
                           2003            2002*           2003            2002*
                        ---------------------------     ---------------------------
<S>                     <C>             <C>             <C>             <C>
Revenues
Rental income           $ 1,420,070     $ 1,405,711     $ 4,319,100     $ 4,172,842
Other income
  (principally
  interest)                  43,031          52,637         141,075         156,520
                        -----------     -----------     -----------     -----------
Total revenues            1,463,101       1,458,348       4,460,175       4,329,362
                        -----------     -----------     -----------     -----------

Expenses
General and
  administrative            320,978         362,430       1,101,690       1,114,229
General and
  administrative-
  related parties           155,127         147,554         477,848         446,046
Repairs and
  maintenance               274,389         229,055         764,341         701,370
Operating                   160,324         166,191         508,095         495,405
Taxes                        38,082          37,388         128,132         121,327
Insurance                   102,846          75,015         265,700         189,778
Interest                    497,519         539,316       1,579,554       1,621,609
Depreciation and
  amortization              640,976         635,540       1,908,059       1,906,025
                        -----------     -----------     -----------     -----------
Total expenses            2,190,241       2,192,489       6,733,419       6,595,789
                        -----------     -----------     -----------     -----------

Loss before
  minority
  interest                 (727,140)       (734,141)     (2,273,244)     (2,266,427)
Minority interest in
  loss of subsidiary
  partnerships                8,325           2,572          21,417          18,510
                        -----------     -----------     -----------     -----------
Net loss                $  (718,815)    $  (731,569)    $(2,251,827)    $(2,247,917)
                        ===========     ===========     ===========     ===========

Net loss - limited
  partners              $  (711,627)    $  (724,253)    $(2,229,309)    $(2,225,438)
                        ===========     ===========     ===========     ===========

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

Net loss per BAC        $    (15.52)    $    (15.79)    $    (48.63)    $    (48.54)
                        ===========     ===========     ===========     ===========
</TABLE>

* Reclassified for comparative purposes.

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 Nine Months Ended December 31, 2003
                                   (Unaudited)
<TABLE>
<CAPTION>

                             ============================================
                                               Limited          General
                                Total          Partners         Partner
                             --------------------------------------------
<S>                          <C>             <C>             <C>
Partners' capital
  (deficit) - April 1,

  2003                       $ 25,615,494    $ 25,766,873    $   (151,379)

Net loss                       (2,251,827)     (2,229,309)        (22,518)
                             ------------    ------------    ------------
Partners' capital
  (deficit) -
December 31, 2003            $ 23,363,667    $ 23,537,564    $   (173,897)
                             ============    ============    ============
</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>
                                                    ==========================
                                                         Nine Months Ended
                                                            December 31,
                                                    --------------------------
                                                       2003            2002
                                                    --------------------------
<S>                                                 <C>            <C>
Cash flows from operating activities:
Net loss                                            $(2,251,827)   $(2,247,917)
                                                    -----------    -----------
Adjustments to reconcile net loss
  to net cash provided by (used in)
   operating activities:
Depreciation and amortization                         1,908,059      1,906,025
Minority interest in loss of
  subsidiary partnerships                               (21,417)       (18,510)
Increase in cash held in escrow                        (330,802)      (362,072)
Increase in other assets                               (105,501)      (216,315)
Increase in accounts payable
  and other liabilities                               1,096,407        691,771
Increase in due to local general
  partners and affiliates                                11,536              0
Decrease in due to local general
  partners and affiliates                                (4,266)       (39,770)
Increase in due to general
  partner and affiliates                                308,752        216,877
                                                    -----------    -----------
  Total adjustments                                   2,862,768      2,178,006
                                                    -----------    -----------

Net cash provided by (used in)
  operating activities                                  610,941        (69,911)
                                                    -----------    -----------
</TABLE>

                                       6
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Consolidated Condensed Statements of Cash Flows
                                   (Unaudited)
                                   (continued)
<TABLE>
<CAPTION>
                                                    ==========================
                                                         Nine Months Ended
                                                            December 31,
                                                    --------------------------
                                                       2003            2002
                                                    --------------------------
<S>                                                 <C>            <C>

Cash flows from investing activities:
Increase in property and equipment                       (8,864)        (5,181)
Increase in cash held in escrow                         (58,874)             0
Increase in due to local general
  partners and affiliates                                    98        120,797
Decrease in due to local general
  partners and affiliates                              (252,128)      (318,173)
                                                    -----------    -----------
Net cash used in investing activities                  (319,768)      (202,557)
                                                    -----------    -----------

Cash flows from financing activities:
Principal reduction of mortgage notes                  (518,276)      (156,509)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                           0       (123,278)
                                                    -----------    -----------
Net cash used in financing
  activities                                           (518,276)      (279,787)
                                                    -----------    -----------

Net decrease in cash and cash
  equivalents                                          (227,103)      (552,255)
Cash and cash equivalents at
  beginning of period                                 2,037,966      2,461,056
                                                    -----------    -----------
Cash and cash equivalents at
  end of period                                     $ 1,810,863    $ 1,908,801
                                                    ===========    ===========

Supplemental disclosure of cash flow information:
Cash paid during period for
  interest                                          $   661,505    $   907,549
                                                    ===========    ===========
</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
                                December 31, 2003
                                   (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 December
31. All  subsidiaries  have fiscal quarters ending September 30. Accounts of the
subsidiaries  have been adjusted for  intercompany  transactions  from October 1
through December 31. The Partnership's  fiscal quarter ends December 31 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 $2,000 and $1,000, $5,000 and $5,000 for the three and
nine months ended December 31, 2003 and 2002,  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

                                       8
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                December 31, 2003
                                   (Unaudited)


partnership losses are included in the Partnership's  capital account except for
losses allocated to minority interest capital.

Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
have been omitted or condensed.  These condensed 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, 2003.

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 December 31, 2003, its results of operations for the three and
nine  months  ended  December  31, 2003 and 2002 and its cash flows for the nine
months ended December 31, 2003 and 2002. However,  the operating results for the
nine months ended December 31, 2003 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
                                December 31, 2003
                                   (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 nine  months  ended
December 31, 2003 and 2002 were as follows:
<TABLE>
<CAPTION>

                            Three Months Ended     Nine Months Ended
                                 December 31,         December 31,
                            -------------------   -------------------
                              2003       2002*      2003       2002*
                            -------------------   -------------------
<S>                         <C>        <C>        <C>        <C>
Partnership manage-
  ment fees (a)             $ 84,280   $ 84,280   $252,840   $252,840
Expense reimburse-
  ment (b)                    31,706     26,027    107,945     82,951
Local administrative
  fee (c)                     13,000     12,000     39,000     36,000
                            --------   --------   --------   --------
Total general and
  administrative-
  General Partner            128,986    122,307    399,785    371,791
                            --------   --------   --------   --------
Property manage-
  ment fees incurred
  to affiliates of the
  subsidiary
  partnerships'
  general
  partners (d)                26,141     25,247     78,063     74,255
                            --------   --------   --------   --------
Total general and
  administrative-
  related parties           $155,127   $147,554   $477,848   $446,046
                            ========   ========   ========   ========
</TABLE>

* Reclassified for comparative purposes.

(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

                                       10
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                December 31, 2003
                                   (Unaudited)


the  Partnership  has made  distributions  to the  limited  partners  of sale or
refinancing  proceeds equal to their original capital  contributions  plus a 10%
priority return thereon (to the extent not  theretofore  paid out of cash flow).
Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $1,545,000 and $1,292,000  were accrued and unpaid as of December
31, 2003 and March 31, 2003, 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
$89,662,  $84,472,  $266,807  and  $252,029  for the three and nine months ended
December  31,  2003 and 2002,  respectively.  Of these fees,  $26,141,  $25,247,
$78,063 and $74,255 were incurred to affiliates of the subsidiary  partnerships'
general partners.


Note 3 - New Accounting Pronouncements

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003, the provisions of FIN 46 were originally applicable no later than December
15, 2003. The Partnership has not created any variable  interest  entities after
January 31,  2003.  In December  2003 the FASB  redeliberated  certain  proposed
modifications  and revised FIN 46 ("FIN 46 (R)").  The  revised  provisions  are
applicable no later than the first reporting period ending after March 15, 2004.

                                       11
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                December 31, 2003
                                   (Unaudited)


The  adoption  of FIN 46 and FIN 46 (R) is not  anticipated  to have a  material
impact on the Partnership's financial reporting and disclosures.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some
circumstances) in the Consolidated  Condensed Balance Sheets.  Further, SFAS No.
150 requires disclosure  regarding the terms of those instruments and settlement
alternatives.  The  guidance in SFAS No. 150  generally  was  effective  for all
financial  instruments  entered  into or modified  after May 31,  2003,  and was
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.

                                       12
<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 December 31, 2003, 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  $1,413,000  remains  to be paid to the Local  Partnerships
(including  approximately  $615,000 being held in escrow) as certain benchmarks,
such as  occupancy  level,  must be attained  prior to the release of the funds.
During the nine months ended December 31, 2003,  approximately $180,000 was paid
to the Local Partnerships (none of which was released from escrow).

For the nine months ended  December 31, 2003,  cash and cash  equivalents of the
Partnership  and its  fourteen  consolidated  Local  Partnerships  decreased  by
approximately  $227,000.  This  decrease  was due to an increase in property and
equipment  ($9,000),  principal  reduction  of  mortgage  notes  ($518,000),  an
increase in cash held in escrow relating to investing activities ($59,000) and a
net  decrease  in due to local  general  partners  and  affiliates  relating  to
investing  activities  ($252,000)  which  exceeded  cash  provided by  operating
activities ($611,000).  Included in the adjustments to reconcile the net loss to
cash  provided by operating  activities  is  depreciation  and  amortization  of
approximately $1,908,000.

At December 31, 2003,  there is  approximately  $130,000 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 nine months
ended December 31, 2003, 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

                                       13
<PAGE>

location of the  properties  around the United States so that if one area of the
country is experiencing  downturns in the economy,  the remaining  properties in
the  portfolio  may  be   experiencing   upswings.   However,   the   geographic
diversification  of the portfolio may not protect against a general  downturn in
the national  economy.  The  Partnership  has fully invested the proceeds of its
offering in fourteen Local Partnerships,  all of which have their tax credits in
place,  and are  expected  to begin  expiring in 2006.  The tax credits  will be
attached to the  property  for a period of ten years,  and will be  transferable
with the property during the remainder of such ten-year period. If trends in the
real estate market  warranted the sale of a property,  the remaining tax credits
would  transfer to the new owner,  thereby  adding  value to the property on the
market.  However,  such  value  declines  each year and is not  included  in the
financial statement carrying amount.

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

In  preparing  the  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 Company'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, 2003.

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

                                       14
<PAGE>

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.

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.

New Accounting Pronouncements
-----------------------------

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
FIN 46 is applicable  immediately for variable  interest  entities created after
January 31, 2003. For variable  interest  entities  created  before  February 1,
2003, the provisions of FIN 46 were originally applicable no later than December
15, 2003. The Partnership has not created any variable  interest  entities after
January 31,  2003.  In December  2003 the FASB  redeliberated  certain  proposed
modifications  and revised FIN 46 ("FIN 46 (R)").  The  revised  provisions  are
applicable no later than the first reporting period ending after March 15, 2004.
The  adoption  of FIN 46 and FIN 46 (R) is not  anticipated  to have a  material
impact on the Partnership's financial reporting and disclosures.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
changes the accounting for certain  financial  instruments  that, under previous
guidance,  could be classified as equity or "mezzanine" equity, by now requiring
those  instruments  to  be  classified  as  liabilities  (  or  assets  in  some
circumstances)  in the  Consolidated  Balance  Sheets.  Further,  SFAS  No.  150
requires  disclosure  regarding the terms of those  instruments  and  settlement
alternatives.  The  guidance in SFAS No. 150  generally  was  effective  for all
financial  instruments  entered  into or modified  after May 31,  2003,  and was
otherwise effective at the beginning of the first interim period beginning after
June 15, 2003. The Partnership has evaluated SFAS No. 150 and determined that it
does  not  have  an  impact  on  the  Partnership's   financial   reporting  and
disclosures.

                                       15
<PAGE>

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

The results of operations  for the three and nine months ended December 31, 2003
and  2002  continued  to be in the  form of  rental  income  with  corresponding
expenses divided among operations, depreciation and mortgage interest.

Rental income  increased  approximately  1% and 4% for the three and nine months
ended  December  31,  2003 as  compared  to the  corresponding  periods in 2002,
primarily due to rental rate increases.

Other income decreased  approximately $10,000 and $15,000 for the three and nine
months ended December 31, 2003 as compared to the corresponding periods in 2002,
primarily due to lower cash and cash equivalent balances earning interest at the
Partnership  level as well as  decreases  in  interest  earned  on cash and cash
equivalent  balances  due to a  reduction  in the  interest  rates at the  Local
Partnerships.

Total expenses, excluding repairs and maintenance and insurance, remained fairly
consistent,  with a decrease of approximately 2% and an increase of less than 1%
for the three  and nine  months  ended  December  31,  2003 as  compared  to the
corresponding periods in 2002.

Repairs and maintenance  expense increased  approximately  $45,000 for the three
months ended December 31, 2003 as compared to the corresponding  period in 2002,
primarily  due to tree  trimming,  fence  replacement  and the  exterior  of the
property being pressure washed at one Local Partnership.

Insurance expense increased  approximately $28,000 and $76,000 for the three and
nine months ended December 31, 2003 as compared to the corresponding  periods in
2002,   primarily   due  to  increases  in  insurance   premiums  at  the  Local
Partnerships.

Item 3.  Quantitative  and Qualitative  Disclosures  about
Market Risk

None

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.,  which is the general  partner of  Independence  Tax Credit Plus L.P. IV
(the  "Partnership"),  have evaluated the Partnership's  disclosure controls and

                                       16
<PAGE>

procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934 (the  "Exchange  Act")) as of December 31, 2003
(the "Evaluation Date"). Based on such evaluation,  such officers have concluded
that, as of the  Evaluation  Date,  the  Partnership's  disclosure  controls and
procedures  are  effective  in alerting  them,  on a timely  basis,  to material
information  relating  to  the  Partnership  required  to  be  included  in  the
Partnership's reports filed or submitted under the Exchange Act .

Changes in Internal Control Over Financial Reporting
----------------------------------------------------

There has been no significant change in the Partnership's  internal control over
financial  reporting during the Partnership's  fiscal quarter ended December 31,
2003  which has  materially  affected,  or is  reasonably  likely to  materially
affect, such internal control over financial reporting.

                                       17
<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 Partner-
ship 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.

                                       18
<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:  February 6, 2004

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

Date:  February 6, 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 December 31, 2003 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 Rues 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  December 31, 2003 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: February 6, 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 December 31, 2003 as filed
with the Securities and Exchange  Commission 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.



By:  /s/Alan P. Hirmes
     -----------------
     Alan P. Hirmes
     Chief Executive Officer and Chief Financial Officer
     February 6, 2004