M 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, 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>
                                                   ============    =============
                                                   December 31,       March 31,
                                                       2004            2004
                                                   ------------    -------------
                                                   (Unaudited)
<S>                                                <C>             <C>
ASSETS

Property and equipment - at cost,
  net of accumulated depreciation
  of $16,118,182 and $14,320,391,
  respectively                                     $ 65,238,783    $ 67,033,716
Cash and cash equivalents                             1,620,434       1,730,897
Cash held in escrow                                   3,406,320       3,292,937
Deferred costs, net of accumulated
  amortization of $525,387 and
  $472,279, respectively                                653,729         706,837
Other assets                                            612,749         527,773
                                                   ------------    ------------
Total assets                                       $ 71,532,015    $ 73,292,160
                                                   ============    ============
</TABLE>

                                       2
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Consolidated Condensed Balance Sheets
                                   (continued)
<TABLE>
<CAPTION>
                                                   ============    =============
                                                   December 31,       March 31,
                                                       2004            2004
                                                   ------------    -------------
                                                   (Unaudited)
<S>                                                <C>             <C>


LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
  Mortgage notes payable                           $ 36,020,940    $ 36,312,132
  Accounts payable and other
   liabilities                                        8,916,403       8,239,856
  Due to local general partners and
   affiliates                                         2,034,374       2,116,876
  Due to general partner and affiliates               2,511,380       2,143,413
                                                   ------------    ------------
Total liabilities                                    49,483,097      48,812,277
                                                   ------------    ------------

Minority interest                                     1,882,062       1,925,663
                                                   ------------    ------------

Partners' capital (deficit):
  Limited partners (45,844 BACs
   issued and outstanding)                           20,372,722      22,736,212
  General partner                                      (205,866)       (181,992)
                                                   ------------    ------------
Total partners' capital (deficit)                    20,166,856       22,554,220
                                                   ------------    ------------
Total liabilities and partners'
  capital (deficit)                                $ 71,532,015    $ 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             Nine Months Ended
                               December 31,                 December 31,
                       --------------------------    --------------------------
                          2004           2003           2004            2003
                       --------------------------    --------------------------
<S>                    <C>            <C>            <C>            <C>
Revenues
Rental income          $ 1,398,001    $ 1,420,070    $ 4,261,103    $ 4,319,100
Other income
  (principally
  interest)                 49,159         43,031        141,728        141,075
                       -----------    -----------    -----------    -----------
Total revenues           1,447,160      1,463,101      4,402,831      4,460,175

Expenses
General and
  administrative           372,724        320,978      1,189,671       1,101,690
General and
  administrative-
  related parties          172,948        155,127        491,474        477,848
Repairs and
  maintenance              311,876        274,389        806,921        764,341
Operating                  188,430        160,324        576,421        508,095
Taxes                       41,388         38,082        136,549        128,132
Insurance                   93,869        102,846        289,252        265,700
Interest                   475,107        497,519      1,465,433      1,579,554
Depreciation and
  amortization             652,438        640,976      1,850,899      1,908,059
                       -----------    -----------    -----------    -----------
Total expenses           2,308,780      2,190,241      6,806,620      6,733,419
                       -----------    -----------    -----------    -----------

Loss before
  minority
  interest                (861,620)      (727,140)    (2,403,789)    (2,273,244)
Minority interest in
  loss of subsidiary
  partnerships               4,436          8,325         16,425         21,417
                       -----------    -----------    -----------    -----------
Net loss               $  (857,184)   $  (718,815)   $(2,387,364)   $(2,251,827)
                       ===========    ===========    ===========    ===========

Net loss - limited
  partners             $  (848,612)   $  (711,627)   $(2,363,490)   $(2,229,309)
                       ===========    ===========    ===========    ===========

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

Net loss per BAC       $    (18.51)   $    (15.52)   $    (51.55)   $    (48.63)
                       ===========    ===========    ===========    ===========
</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 Nine Months Ended December 31, 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                           (2,387,364)      (2,363,490)         (23,874)
                                 ------------     ------------     ------------

Partners' capital
  (deficit) -
  December 31, 2004              $ 20,166,856     $ 20,372,722     $   (205,866)
                                 ============     ============     ============
</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,
                                                     ---------------------------
                                                        2004            2003
                                                     ---------------------------
<S>                                                  <C>            <C>
Cash flows from operating activities:
Net loss                                             $(2,387,364)   $(2,251,827)
                                                     -----------    -----------
Adjustments to reconcile net loss
  to net cash provided by operating
  activities:
Depreciation and amortization                          1,850,899      1,908,059
Minority interest in loss of
  subsidiary partnerships                                (16,425)       (21,417)
Increase in cash held in escrow                         (275,433)      (330,802)
Increase in other assets                                 (84,976)      (105,501)
Increase in accounts payable
  and other liabilities                                  676,547      1,096,407
Increase in due to local general
  partners and affiliates                                  7,601         11,536
Decrease in due to local general
  partners and affiliates                                 (8,808)        (4,266)
Increase in due to general
  partner and affiliates                                 367,967        308,752
                                                     -----------    -----------
  Total adjustments                                    2,517,372      2,862,768
                                                     -----------    -----------

Net cash provided by operating
  activities                                             130,008        610,941
                                                     -----------    -----------
</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,
                                                     ---------------------------
                                                        2004            2003
                                                     ---------------------------
<S>                                                  <C>            <C>

Cash flows from investing activities:
Increase in property and equipment                        (2,858)        (8,864)
Decrease (increase) in cash held in
  escrow                                                 162,050        (58,874)
Increase in due to local general
  partners and affiliates                                    130             98
Decrease in due to local general
  partners and affiliates                                (81,425)      (252,128)
                                                     -----------    -----------
Net cash provided by (used in)
  investing activities                                    77,897       (319,768)
                                                     -----------    -----------

Cash flows from financing activities:
Principal reduction of mortgage notes                   (291,192)      (518,276)
Decrease in capitalization of
  consolidated subsidiaries
  attributable to minority interest                      (27,176)             0
                                                     -----------    -----------
Net cash used in financing
  activities                                            (318,368)      (518,276)
                                                     -----------    -----------

Net decrease in cash and cash
  equivalents                                           (110,463)      (227,103)
Cash and cash equivalents at
  beginning of period                                  1,730,897      2,037,966
                                                     -----------    -----------
Cash and cash equivalents at
  end of period                                      $ 1,620,434    $ 1,810,863
                                                     ===========    ===========

Supplemental disclosure of cash flow information:
Cash paid during period for
  interest                                           $   818,245    $   661,505
                                                     ===========    ===========
</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, 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 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 $2,000 and $7,000 and $5,000 for the three
and  nine  months  ended   December  31,  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
                                December 31, 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 December 31, 2004, its results of operations for the three and
nine  months  ended  December  31, 2004 and 2003 and its cash flows for the nine
months ended December 31, 2004 and 2003. However,  the operating results for the
nine months ended December 31, 2004 may not be indicative of the results for the
entire year.

Rental income is recognized as rent becomes due and charged to tenants  accounts
receivable  if not received by the due date.  Rental income is typically due the
first  day of each  month,  but can vary by  property  due to the  terms of each
tenants' lease. Rental payments received in advance of the due date are deferred
until earned.  Rental  subsidiaries  are  recognized as rental income during the
month in which it is received and applied.  The related rental subsidy  programs
have expiration  dates that terminate upon total  disbursement of the assistance
obligation.

                                        9
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                December 31, 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 nine  months  ended
December 31, 2004 and 2003 were as follows:
<TABLE>
<CAPTION>

                                     Three Months Ended      Nine Months Ended
                                        December 31,             December 31,
                                    --------------------    --------------------
                                      2004        2003        2004        2003
                                    --------------------    --------------------
<S>                                 <C>         <C>         <C>         <C>
Partnership manage-
  ment fees (a)                     $ 84,280    $ 84,280    $252,840    $252,840
Expense reimburse-
  ment (b)                            46,615      31,706     111,727     107,945
Local administrative
  fee (c)                             15,500      13,000      46,500      39,000
                                    --------    --------    --------    --------
Total general and
  administrative-
  General Partner                    146,395     128,986     411,067     399,785
                                    --------    --------    --------    --------
Property manage-
  ment fees incurred
  to affiliates of the
  subsidiary
  partnerships'
  general
  partners (d)                        26,553      26,141      80,407      78,063
                                    --------    --------    --------    --------
Total general and
  administrative-
  related parties                   $172,948    $155,127    $491,474    $477,848
                                    ========    ========    ========    ========
</TABLE>


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

                                       10
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                          Notes to Financial Statements
                                December 31, 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  $1,882,000 and $1,630,000  were accrued and unpaid as of December
31, 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
$92,230 and  $89,662 and  $271,738  and  $266,807  for the three and nine months
ended  December  31, 2004 and 2003,  respectively.  Of these  fees,  $26,553 and
$26,141 and $80,407 and $78,063 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 December 31, 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 nine months ended December 31, 2004, approximately $9,000 was paid to
the Local Partnerships.

For the nine months ended  December 31, 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  ($81,000),
repayments  of mortgage  notes  ($291,000),  increase in property and  equipment
($3,000)  and  a  decrease  in  capitalization   of  consolidated   subsidiaries
attributable  to minority  interest  ($27,000)  which  exceeded cash provided by
operating  activities  ($130,000) and a decrease in cash held in escrow relating
to investing activities ($162,000). Included in the adjustments to reconcile the
net loss to net cash  provided  by  operating  activities  is  depreciation  and
amortization of approximately $1,851,000.

At December  31, 2004,  there is  approximately  $46,000 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, 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
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

                                       12
<PAGE>

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 nine months ended December 31, 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 nine  months
ended December 31, 2004 as compared to the corresponding periods in 2003, due to
the  Department  of Housing and Urban  Development  lowering  rents at one Local
Partnership.

Total   expenses,   excluding   general   and   administrative,    general   and
administrative-related  parties, repairs and maintenance and operating, remained
fairly  consistent,  with  decreases  of 1% and 4% for the three and nine months
ended December 31, 2004 as compared to the corresponding periods in 2003.

General and administrative  increased  approximately $52,000 and $88,000 for the
three and nine months ended  December 31, 2004 as compared to the  corresponding
periods in 2003, primarily due to an increase in bad debt expense and legal fees
at one Local Partnership in 2004.

General and  administrative-related  parties increased approximately $18,000 and
$14,000 for the three and nine months ended December 31, 2004 as compared to the
corresponding  periods  in  2003,  primarily  due  to  an  increase  in  expense
reimbursements at the Partnership level.

Repairs and maintenance  increased  approximately  $37,000 and $43,000 for three
and nine months ended December 31, 2004 as compared to the corresponding periods
in 2003,  primarily due to an increase in painting and  decorating  costs at two
Local  Partnerships  and  an  increase  in  security  costs  at  a  third  Local
Partnership  offset by a decrease at a fourth Local  Partnership due to pressure
washing of the exterior,  tree trimming,  and exterior  repairs during the prior
year.

Operating expense increased  approximately $28,000 and $68,000 for the three and
nine months ended December 31, 2004 as compared to the corresponding  periods in

                                       14
<PAGE>

2003,  primarily  due to  increases  in  water  and  sewer  costs  at two  Local
Partnerships and an increase in electrical expense 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
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.    Unregistered Sales of Equity in Securities and Use of Proceeds - None

Item 3.    Defaults upon Senior Securities - None

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

Item 5.    Other Information - None

Item 6.    Exhibits

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

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

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

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

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

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

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

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

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


                                       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:  February 2, 2005

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

Date:  February 2, 2005

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


<PAGE>


                                                                    Exhibit 31.1


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


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

     1)  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending December 31, 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  December 31, 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: February 2, 2005
               ----------------

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





<PAGE>


                                                                    Exhibit 32.1


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


In connection with the Quarterly  Report of Independence Tax Credit Plus L.P. IV
(the "Partnership") on Form 10-Q for the period ended December 31, 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
     February 2, 2005