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, 2007


                                       OR


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



                         COMMISSION FILE NUMBER 0-17015

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



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

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



Registrant's telephone number, including area code (212) 317-5700


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


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

Large accelerated filer [ ]    Accelerated filer [ ]   Non-accelerated filer [X]


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


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                      Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                                             September 30,    March 31,
                                                                 2007           2007*
                                                             ------------    ------------
                                                              (Unaudited)     (Audited)
<S>                                                          <C>             <C>
ASSETS

Operating assets
  Property and equipment - (at cost, net of accumulated
    depreciation of $20,091,714 and $21,471,763,
    respectively)                                            $ 50,048,145    $ 59,929,615
  Cash and cash equivalents                                     1,072,556       1,375,669
  Cash held in escrow                                           3,062,448       3,400,368
  Deferred costs (net of accumulated amortization of
    $707,307 and $710,378, respectively)                          433,286         486,343
  Due from local general partners and affiliates                  249,589         231,589
  Other assets                                                    630,140         596,867
                                                             ------------    ------------

Total operating assets                                         55,496,164      66,020,451
                                                             ------------    ------------

Assets related to discontinued operations (Notes 3 and 4)
  Property and equipment held for sale (net of accumulated
    depreciation of $2,545,507 and $0, respectively             8,572,542               0
  Other assets held for sale                                      701,105               0
                                                             ------------    ------------

Total assets related to discontinued operations                 9,273,647               0
                                                             ------------    ------------

Total assets                                                 $ 64,769,811    $ 66,020,451
                                                             ============    ============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Operating liabilities
  Mortgage notes payable                                     $ 27,445,719    $ 35,051,752
  Accounts payable                                                556,700         451,390
  Accrued interest payable                                      5,849,071       9,493,633
  Security deposit payable                                        302,508         415,159
  Due to local general partners and affiliates                  1,738,640       1,775,063
  Due to general partners and affiliates                        3,955,606       3,727,579
                                                             ------------    ------------

Total operating liabilities                                    39,848,244      50,914,576
                                                             ------------    ------------

Liabilities related to discontinued operations (Note 4)
  Mortgage notes payable                                        7,387,011               0
  Liabilities related to discontinued operations including
  minority interest                                             4,393,863               0
                                                             ------------    ------------
Total liabilities related to discontinued operations           11,780,874               0
                                                             ------------    ------------

Total liabilities                                              51,629,118      50,914,576
                                                             ------------    ------------

Minority interests                                              1,467,269       1,837,730
                                                             ------------    ------------

Commitments and contingencies (Note 5)

Partners' capital (deficit):
  Limited partners - 45,844 Beneficial Assignment
    Certificates("BACs") issued and outstanding                11,964,225      13,542,999
General partners                                                 (290,801)       (274,854)
                                                             ------------    ------------

Total partners' capital (deficit)                              11,673,424      13,268,145
                                                             ------------    ------------

Total liabilities and partners' capital (deficit)            $ 64,769,811    $ 66,020,451
                                                             ============    ============
</TABLE>

* Reclassified for comparative purposes.

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

                                       2
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                     Three Months Ended            Six Months Ended
                                                        September 30,                 September 30,
                                                 --------------------------    --------------------------
                                                     2007          2006*           2007          2006*
                                                 -----------    -----------    -----------    -----------
<S>                                              <C>            <C>            <C>            <C>
Operations:

Revenues
Rental income                                    $ 1,242,591    $ 1,214,986    $ 2,472,846    $ 2,400,552
Other                                                 58,592         67,981        148,068        164,290
                                                 -----------    -----------    -----------    -----------
Total revenues                                     1,301,183      1,282,967      2,620,914      2,564,842
                                                 -----------    -----------    -----------    -----------

Expenses
General and administrative                           415,379        317,868        735,980        627,868
General and administrative-related parties
  (Note 2)                                           185,733        165,625        361,074        352,740
Repairs and maintenance                              275,444        230,222        482,860        446,477
Operating and other                                  187,677        202,036        414,665        441,882
Real estate taxes                                     36,380         39,094         68,004         76,952
Insurance                                             83,688         81,961        162,870        163,053
Interest                                             369,969        378,563        729,887        754,134
Depreciation and amortization                        549,677        552,732      1,100,154      1,103,698
                                                 -----------    -----------    -----------    -----------
Total expenses                                     2,103,947      1,968,101      4,055,494      3,966,804
                                                 -----------    -----------    -----------    -----------

Loss before minority interest and discontinued
  operations                                        (802,764)      (685,134)    (1,434,580)    (1,401,962)

Minority interest in (loss) income of
  subsidiaries from operations                        (6,228)           198         (5,631)         9,749
                                                 -----------    -----------    -----------    -----------
                                                    (808,992)      (684,936)    (1,440,211)    (1,392,213)
Loss from continuing operations

Discontinued operations:
Loss from discontinued operations (including
  minority interest) (Note 4)                        (46,474)       (41,289)      (154,510)       (82,300)
                                                 -----------    -----------    -----------    -----------
Net loss                                         $  (855,466)   $  (726,225)   $(1,594,721)   $(1,474,513)
                                                 ===========    ===========    ===========    ===========

Loss from continuing operations - limited
  partners                                       $  (800,902)   $  (678,087)   $(1,425,809)   $(1,378,291)
Loss from discontinued operations (including
  minority interest) - limited partners              (46,010)       (40,876)      (152,965)       (81,477)
                                                 -----------    -----------    -----------    -----------
Net loss - limited partners                      $  (846,912)   $  (718,963)   $(1,578,774)   $(1,459,768)
                                                 ===========    ===========    ===========    ===========

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

Loss from continuing operations per weighted
  average BAC                                    $    (17.47)   $    (14.79)   $    (31.10)   $    (30.06)
Loss from discontinued operations per weighted
  average BAC                                          (1.01)          (.89)         (3.34)         (1.78)
                                                 -----------    -----------    -----------    -----------

Net loss per weighted average BAC                $    (18.48)   $    (15.68)   $    (34.44)   $    (31.84)
                                                 ===========    ===========    ===========    ===========
</TABLE>

* Reclassified for comparative purposes.

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

                                       3
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
   Condensed Consolidated Statement of Changes in Partners' Capital (Deficit)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                     Limited         General
                                                      Total          Partners        Partner
                                                   ------------    ------------    ------------
<S>                                                <C>             <C>             <C>
Partners' capital (deficit) - April 1, 2007        $ 13,268,145    $ 13,542,999    $   (274,854)

Net loss                                             (1,594,721)     (1,578,774)        (15,947)
                                                   ------------    ------------    ------------

Partners' capital (deficit) - September 30, 2007   $ 11,673,424    $ 11,964,225    $   (290,801)
                                                   ============    ============    ============
</TABLE>

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

                                       4
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                           Six Months Ended
                                                                              September 30,**
                                                                       --------------------------
                                                                           2007           2006
                                                                       -----------    -----------
<S>                                                                    <C>            <C>
Cash flows from operating activities:
Net loss                                                               $(1,594,721)   $(1,474,513)
Adjustments to reconcile net loss to net cash provided by
  operating activities:
Depreciation and amortization                                            1,209,796      1,213,823
Minority interest in income (loss) of subsidiary partnerships                5,631         (9,749)
Increase in cash held in escrow                                           (113,778)      (238,886)
Increase in other assets                                                   (33,019)        24,183
Increase in accounts payable                                               115,700        (81,658)
Increase in accrued interest payable                                       305,304        509,121
Decrease in security deposit payable                                       (22,697)       (22,052)
Decrease in due to local general partners and affiliates                   (21,766)        (3,519)
Increase in due to general partner and affiliates                          228,027        260,476
                                                                       -----------    -----------

Total adjustments                                                        1,673,198      1,651,739
                                                                       -----------    -----------

Net cash provided by operating activities                                   78,477        177,226
                                                                       -----------    -----------

Cash flows from investing activities:
(Increase) decrease of cash held in escrow                                 (47,786)        10,781
Net payments (to) from local general partners and affiliates               (32,657)         9,996
                                                                       -----------    -----------
                                                                           (80,443)        20,777
Net cash (used in) provided by investing activities
                                                                       -----------    -----------

Cash flows from financing activities:
Repayments of mortgage notes                                              (219,022)      (250,556)
Decrease in capitalization of consolidated subsidiaries attributable
  to minority interest                                                     (32,439)             0
                                                                       -----------    -----------

Net cash used in financing activities                                     (251,461)      (250,556)
                                                                       -----------    -----------

Net decrease in cash and cash equivalents                                 (253,427)       (52,553)
Cash and cash equivalents at beginning of period                       $ 1,375,669      1,486,123
                                                                       -----------    -----------
Cash and cash equivalents at end of period*                              1,122,242    $ 1,433,570
                                                                       ===========    ===========

Supplemental disclosure of cash flow information:
Cash paid during period for interest                                   $   641,109    $   480,686
                                                                       ===========    ===========
</TABLE>

*  Cash and cash equivalents,  end of period, includes cash and cash equivalents
   from discontinued operations of $49,686 and $0, respectively.
** Reclassified for comparative purposes.

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

                                       5
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2007
                                   (Unaudited)


Note 1 - General

The  condensed   consolidated  financial  statements  include  the  accounts  of
Independence  Tax Credit Plus L.P. IV (the  "Partnership")  and  fourteen  other
limited  partnerships  ("subsidiary  partnerships",   "subsidiaries"  or  "Local
Partnerships")  owning affordable  apartment  complexes  ("Properties") that are
eligible  for  the  low-income  housing  tax  credit,  some of  these  apartment
complexes may also be eligible for the historic  rehabilitation  tax credit. The
general partner of the Partnership is Related  Independence  L.L.C.,  a Delaware
limited  liability  company (the "General  Partner").  Through the rights of the
Partnership  and/or an affiliate of the General  Partner,  which affiliate has a
contractual obligation to act on behalf of the Partnership to remove the general
partner of the subsidiary  partnerships  and to approve  certain major operating
and financial decisions, the Partnership has a controlling financial interest in
the  subsidiary  partnerships.  As of September  30, 2007,  the property and the
related assets and liabilities of one Local Partnership were sold (see Note 3).

For financial reporting purposes,  the Partnership's  second fiscal quarter ends
September 30. The second quarter for all subsidiaries  ends June 30. Accounts of
the subsidiaries  have been adjusted for intercompany  transactions  from July 1
through September 30. The  Partnership's  fiscal quarter ends three months after
the subsidiaries in order to allow adequate time for the subsidiaries' financial
statements to be prepared and consolidated.

All intercompany accounts and transactions with the subsidiary partnerships have
been eliminated in consolidation.

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

Losses  attributable to minority  interests that exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately $0, $3,000, $0 and $5,000 for the three and six months
ended September 30, 2007 and 2006, respectively. The Partnership's investment in
each subsidiary is equal to the respective  subsidiary's  partners'  equity less
minority interest capital, if any. In consolidation,  all subsidiary partnership
losses are  included  in the  Partnership's  capital  account  except for losses
allocated to minority interest capital.

Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
("GAAP") have been omitted or condensed.  These condensed consolidated financial
statements  should  be read  in  conjunction  with  the  consolidated  financial
statements and notes thereto included in the Partnership's Annual Report on Form
10-K for the year ended March 31, 2007.

The books and records of the  Partnership are maintained on the accrual basis of
accounting in accordance with GAAP. In the opinion of the General Partner of the
Partnership,   the  accompanying   unaudited  condensed  consolidated  financial
statements  contain  all  adjustments   (consisting  only  of  normal  recurring
adjustments)   necessary  to  present  fairly  the  financial  position  of  the
Partnership  as of September  30, 2007,  the results of its  operations  for the
three and six months  ended  September  30, 2007 and 2006 and its cash flows for
the six months ended September 30, 2007 and 2006. However, the operating results
for the six months ended September 30, 2007 may not be indicative of the results
for the entire year.


Note 2 - Related Party Transactions

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

The costs  incurred to related  parties  from  operations  for the three and six
months ended September 30, 2007 and 2006 were as follows:
<TABLE>
<CAPTION>
                                                         Three Months Ended     Six Months Ended
                                                            September 30,         September 30,
                                                         -------------------   -------------------
                                                           2007       2006       2007       2006
                                                         --------   --------   --------   --------
<S>                                                      <C>        <C>        <C>        <C>
Partnership management fees (a)                          $ 84,280   $ 84,280   $168,560   $168,560
Expense reimbursement (b)                                  41,472     16,478     65,926     53,578
Local administrative fee (c)                               15,750     19,000     31,500     38,000
                                                         --------   --------   --------   --------
                                                          141,502    119,758    265,986    260,138
Total general and administrative-General Partners
Property management fees incurred to affiliates of the
  subsidiary partnerships' general partners (d)            44,231     45,867     95,088     92,602
                                                         --------   --------   --------   --------
Total general and administrative-related parties         $185,733   $165,625   $361,074   $352,740
                                                         ========   ========   ========   ========
</TABLE>

There were no costs incurred to related parties from discontinued operations for
the three and six months ended September 30, 2007 and 2006.

(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

                                       6
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2007
                                   (Unaudited)


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%
priority return thereon (to the extent not  theretofore  paid out of cash flow).
Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $2,809,000 and $2,641,000 were accrued and unpaid as of September
30, 2007 and March 31, 2007, respectively.

(b) The Partnership reimburses the General Partner and its affiliates for actual
Partnership   operating  expenses  incurred  by  the  General  Partner  and  its
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the Partnership  Agreement.  Another
affiliate of the General Partner  performs asset monitoring for the Partnership.
These   services   include  site  visits  and   evaluations  of  the  subsidiary
partnerships' performance.

(c)  Independence  SLP IV L.P.,  a special  limited  partner  of the  subsidiary
partnerships,  is entitled to receive a local administrative fee of $0 to $5,000
per year from each subsidiary partnership.

(d) Property  management  fees  incurred by the Local  Partnerships  amounted to
$92,798 and $98,829 and $190,789 and $185,781 for the three and six months ended
September 30, 2007 and 2006,  respectively.  Of these fees,  $44,231 and $45,867
and  $95,088  and  $92,602,  were  incurred  to  affiliates  of  the  subsidiary
partnerships'  general partners ("Local General  Partners") which includes $0 of
fees relating to discontinued operations.


Note 3 - Sale of Property

The Partnership is currently in the process of disposing of its investments.  As
of September 30, 2007,  the property and the related  assets and  liabilities of
one  Local  Partnership  were  sold.  There can be no  assurance  as to when the
Partnership will dispose of its remaining  investments or the amount of proceeds
which may be received. However, based on the historical operating results of the
Local Partnerships and the current economic conditions, including changes in tax
laws,  it is  unlikely  that  the  proceeds  from  such  sales  received  by the
Partnership  will be sufficient to return to the limited partners their original
investments.  All  gains  and  losses  on sales  are  included  in  discontinued
operations.

On September 5, 2007,  the property and the related  assets and  liabilities  of
Westminster  Park  Plaza,  a  California  L.P.  ("Westminster")  were sold to an
affiliate of the Local  General  Partner for a sales price of  $14,070,000.  The
Partnership  received  $2,513,602  as a  distribution  from this sale  after the
repayment of mortgages,  other  liabilities  and closing costs of  approximately
$11,556,000.  Because  Westminster Park Plaza was sold to a related party of the
Local  Partnership,  the sale resulted in a non-cash  contribution  to the Local
Partnership  from the Local General Partner of  approximately  $4,784,000.  Such
contribution flows through minority interest as a result of the write-off of the
partners' basis in the property of  approximately  $4,784,000.  Since all of the
subsidiary  partnership's  second quarter financial  information is only through
June 30,  2007,  this sale will be  recognized  on the  Partnership's  Quarterly
Report on Form 10-Q for the quarter ending December 31, 2007.


Note 4 - Discontinued Operations

The following table summarizes the financial  position of the Local  Partnership
that is classified  as  discontinued  operations as further  discussed in Note 3
above.  As of September 30, 2007,  Westminster  was  classified as  discontinued
operations on the condensed  consolidated  balance sheets. As of March 31, 2007,
there were no Local  Partnerships  classified as discontinued  operations on the
condensed consolidated balance sheets.

                                       7
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2007
                                   (Unaudited)


Consolidated Balance Sheets of Discontinued Operations:
<TABLE>
<CAPTION>
                                                  September 30,    March 31,
                                                       2007          2007
                                                  ------------   -----------
<S>                                                <C>           <C>
Assets
  Property and equipment, net of accumulated
    depreciation of $2,545,507 and $0,
    respectively                                   $ 8,572,542   $         0
  Cash and cash equivalents                             49,686             0
  Cash held in escrow                                  499,484             0
  Deferred costs, net of accumulated
    amortization of $25,263 and $0, respectively        30,865             0
  Other assets                                         121,070             0
                                                   -----------   -----------
Total assets                                       $ 9,273,647   $         0
                                                   ===========   ===========

Liabilities
  Mortgage notes payable                           $ 7,387,011   $         0
  Accounts payable                                      10,391             0
  Accrued interest payable                           3,949,865             0
  Security deposit payable                              89,954             0
  Minority interest                                    343,653             0
                                                   -----------   -----------
Total liabilities                                  $11,780,874   $         0
                                                   ===========   ===========
</TABLE>

The  following  table   summarizes  the  results  of  operations  of  the  Local
Partnership that is classified as discontinued operations. For the three and six
months  ended  September  30, 2007,  Westminster,  which was sold during the six
months ended  September 30, 2007, was classified as  discontinued  operations on
the condensed  consolidated  financial statements.  For the three and six months
ended September 30, 2006,  Westminster,  in order to present  comparable results
for the three and six  months  ended  September  30,  2007,  was  classified  as
discontinued operations on the condensed consolidated statement of operations.

                                       8
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2007
                                   (Unaudited)


Condensed Consolidated Statements of Discontinued Operations:
<TABLE>
<CAPTION>
                                                             Three Months Ended         Six Months Ended
                                                                September 30,             September 30,
                                                           ----------------------    ----------------------
                                                             2007         2006         2007         2006
                                                           ---------    ---------    ---------    ---------
<S>                                                        <C>          <C>          <C>          <C>
Revenues

Rental income                                              $ 296,444    $ 282,669    $ 583,073    $ 561,080
Other                                                         10,555       12,328       21,841       22,265
                                                           ---------    ---------    ---------    ---------
Total revenues                                               306,999      294,997      604,914      583,345
                                                           ---------    ---------    ---------    ---------

Expenses

General and administrative                                   129,367       81,157      272,855      169,259
Repairs and maintenance                                       25,696       54,931       74,168       99,440
Operating and other                                            8,085       15,137       31,524       26,701
Real estate taxes                                             13,960        6,694       27,919       13,522
Insurance                                                     14,335       13,044       26,790       26,486
Interest                                                     107,531      110,340      216,526      220,112
Depreciation and amortization                                 54,499       54,983      109,642      110,125
                                                           ---------    ---------    ---------    ---------

Total expenses                                               353,473      336,286      759,424      665,645
                                                           ---------    ---------    ---------    ---------

Net loss from discontinued operations                      $ (46,474)   $ (41,289)   $(154,510)   $ (82,300)
                                                           =========    =========    =========    =========

Net loss - limited partners from discontinued operations   $ (46,010)   $ (40,876)   $(152,965)   $ (81,477)
                                                           =========    =========    =========    =========

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

Net loss from  discontinued  operations per weighted
  average BAC                                              $   (1.01)   $    (.89)   $   (3.34)   $   (1.78)
                                                           =========    =========    =========    =========
<CAPTION>


Cash Flows from Discontinued Operations:

                                                                                        Six Months Ended
                                                                                          September 30,
                                                                                     ----------------------
                                                                                       2007         2006
                                                                                     ---------    ---------
<S>                                                                                  <C>          <C>
 Net cash provided by discontinued operating activities                              $ 112,678    $ 134,189
                                                                                     ---------    ---------

 Net cash used in discontinued investing activities                                  $ (65,542)   $ (65,465)
                                                                                     ---------    ---------

 Net cash used in discontinued financing activities                                  $ (50,755)   $ (47,169)
                                                                                     ---------    ---------
</TABLE>


Note 5 - Commitments and Contingencies

There  have  been  no  material  changes  and/or  additions  to the  disclosures
regarding the subsidiary  partnerships  which were included in the Partnership's
Annual Report on Form 10-K for the fiscal year ended March 31, 2007.

Other
-----

The  Partnership is subject to risks  incident to potential  losses arising from
the management and ownership of improved real estate.  The  Partnership can also
be affected by poor economic conditions  generally,  however no more than 23% of
the properties are located in any single state. There are also substantial risks
associated with owning properties receiving government  assistance,  for example
the  possibility  that  Congress  may not  appropriate  funds to enable the U.S.
Department of Housing and Urban  Development  ("HUD") to make rental  assistance
payments.  HUD also  restricts  annual cash  distributions  to partners based on
operating  results and a percentage of the owners'  equity  contribution.  As of
September 30, 2007, there were three Local  Partnerships  subsidized by HUD. The
Partnership cannot sell or substantially liquidate its investments in subsidiary
partnerships  during the period that the  subsidy  agreements  are in  existence
without  HUD's  approval.  Furthermore  there  may  not  be  market  demand  for
apartments at full market rents when the rental assistance contract expires.

                                       9
<PAGE>

                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                               September 30, 2007
                                   (Unaudited)


Except as  described  above,  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  not  be  affected.  However,  the
geographic  diversification  of the portfolio may not protect  against a general
downturn in the national economy.

                                       10
<PAGE>


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

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

The  Partnership  originally  invested   approximately   $37,555,000  (including
approximately  $902,000  classified as a loan  repayable  from  sale/refinancing
proceeds  in  accordance  with  the  Contribution  Agreement,   which  has  been
eliminated in consolidation, and not including acquisition fees of approximately
$1,771,000)  of net  proceeds in fourteen  Local  Partnerships  of which,  as of
September  30, 2007,  approximately  $1,024,000  remains to be paid to the Local
Partnerships (including  approximately $485,000 being held in escrow) as certain
benchmarks,  such as occupancy  level,  must be attained prior to the release of
the funds. During the six months ended September 30, 2007, approximately $15,000
was paid to the Local  Partnerships.  As of September 30, 2007, the property and
the related assets and liabilities of one Local  Partnership were sold (see Item
1, Note 3).

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

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

Short-Term
----------

The  Partnership's  primary  sources  of  funds  include:  (i)  working  capital
reserves;  (ii)  interest  earned on the working  capital  reserves;  (iii) cash
distributions from operations of the Local Partnerships; and (iv) sales proceeds
and distributions.  Such funds,  although minimal (other than sales proceeds and
sales distributions),  are available to meet the obligations of the Partnership.
The Partnership does not anticipate providing cash distributions to BACs holders
in circumstances  other than  refinancing or sales.  During the six months ended
September  30,  2007  and  2006,  distributions  from  operations  of the  Local
Partnerships   amounted  to   approximately   $0  and   $16,000,   respectively.
Additionally,  during the six months  ended  September  30,  2007 and 2006,  the
Partnership  received   approximately   $2,514,000  and  $0,  respectively,   of
distributions from the sale of investments.

For the six months ended  September 30, 2007,  cash and cash  equivalents of the
Partnership  and its  fourteen  consolidated  Local  Partnerships  decreased  by
approximately $253,000. This decrease was due to repayments of mortgage notes of
approximately  $219,000, net repayments of amounts due to local general partners
and affiliates  relating to investing  activities of approximately  $33,000,  an
increase  in cash held in escrow  from  investing  activities  of  approximately
$48,000  and  a  decrease  in   capitalization   of  consolidated   subsidiaries
attributable  to  minority  interest of  approximately  $32,000.  Such  outflows
exceeded net cash  provided by operating  activities of  approximately  $78,000.
Included in the  adjustments  to reconcile  the net loss to net cash provided by
operating   activities  is  depreciation   and   amortization  of  approximately
$1,210,000.

Total  expenses for the three and six months ended  September 30, 2007 and 2006,
excluding   depreciation   and   amortization,    interest   and   general   and
administrative-related parties, totaled $998,568 and $871,181 and $1,864,379 and
$1,756,232, respectively.

Accounts  payable  totaled  $556,700 and  $451,390 as of September  30, 2007 and
March 31, 2007, respectively.  Accounts payable are short term liabilities which
are expected to be paid from operating cash flows,  working capital  balances at
the Local  Partnership  level,  Local General  Partner  advances and, in certain
circumstances, advances from the Partnership. In addition, accounts payable from
discontinued  operations  as of  September  30, 2007 and March 31, 2007  totaled
$10,391 and $0,  respectively.  The Partnership  believes it (and the applicable
Local Partnerships) has sufficient liquidity and ability to generate cash and to
meet existing and known or reasonably  likely future cash requirements over both
the short and long term.

Accrued  interest  payable  as of  September  30,  2007 and March  31,  2007 was
$5,849,071 and $9,493,633, respectively. Accrued interest payable represents the
accrued  interest on all mortgage  loans,  which  include  primary and secondary
loans. Certain secondary loans have provisions such that interest is accrued but
not payable  until a future date.  In addition,  accrued  interest  payable from
discontinued  operations,  as of September 30, 2007 and March 31, 2007,  totaled
$3,949,865 and $0,  respectively.  The  Partnership  anticipates  the payment of
accrued  interest on the  secondary  loans  (which  make up the  majority of the
accrued  interest  payable  amount  and which have been  accumulating  since the
Partnership's  investment in the respective Local Partnership) will be made from
future  refinancings  or sales  proceeds of the respective  Local  Partnerships.
Furthermore,  each Local Partnership's  mortgage notes are collateralized by the
land and buildings of the respective Local Partnership,  and are without further
recourse to the Partnership.

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

At September 30, 2007, there is approximately  $2,538,000 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.

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

Partnership   management  fees  owed  to  the  General   Partner   amounting  to
approximately  $2,809,000 and $2,641,000 were accrued and unpaid as of September
30, 2007 and March 31, 2007,  respectively.  Unpaid partnership  management fees
for any year will be accrued  without  interest and will be payable from working
capital  reserves or to the extent of available  funds after the Partnership has
made distributions to the limited partners of sale or refinancing proceeds equal
to their original capital  contributions  plus a 10% priority return thereon (to
the extent not theretofore paid out of cash flow).

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

                                       11
<PAGE>

purchased. Inflation also affects the Local Partnerships adversely by increasing
operating costs, such as fuel,  utilities,  and labor. Since revenues from sales
of assets are driven by market conditions, inflation has little impact on sales.

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have not yet been  adopted.  The  portfolio  is  diversified  by the
location of the  Properties  around the United States so that if one area of the
country is experiencing  downturns in the economy,  the remaining  Properties in
the  portfolio  may  be   experiencing   upswings.   However,   the   geographic
diversification  of the portfolio may not protect against a general  downturn in
the national economy.  Tax Credits will be attached to the Property for a period
of ten years, and will be transferable with the Property during the remainder of
such ten-year period.  If trends in the real estate market warranted the sale of
a Property,  the remaining tax credits would transfer to the new owner,  thereby
adding value to the Property on the market.  However,  such value  declines each
year and is not included in the financial  statement carrying amount. The Credit
Periods are  scheduled to expire at various times from December 31, 2005 through
December 31, 2010 with respect to the Local Partnerships depending upon when the
Credit Period commenced. However, each Local Partnership must continue to comply
with the Tax Credit requirements until the end of the Compliance Period in order
to avoid  recapture of the Tax Credits.  The  Compliance  Periods will  continue
through December 31, 2014 with respect to the Properties depending upon when the
Compliance Period commenced.

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

In preparing the condensed  consolidated  financial  statements,  management has
made estimates and  assumptions  that affect the reported  amounts of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting periods.  Actual results could differ
from those  estimates.  Set forth below is a summary of the accounting  policies
that  management  believes  are  critical to the  preparation  of the  condensed
consolidated  financial  statements.  The summary  should be read in conjunction
with the more  complete  discussion  of the  Partnership's  accounting  policies
included in Item 8, Note 2 to the  consolidated  financial  statements which are
included  in the  Partnership's  Annual  Report on Form 10-K for the year  ended
March 31, 2007.

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

Property and  equipment  to be held and used are carried at cost which  includes
the purchase price,  acquisition fees and expenses, and any other costs incurred
in acquiring the  properties.  The cost of property and equipment is depreciated
over their estimated useful lives using accelerated and  straight-line  methods.
Expenditures  for repairs and  maintenance  are charged to expense as  incurred;
major  renewals  and  betterments  are  capitalized.  At the time  property  and
equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated
depreciation  are  eliminated  from  the  assets  and  accumulated  depreciation
accounts and the profit or loss on such disposition is reflected in earnings.

In  accordance  with SFAS No. 144, the results of  discontinued  operations  are
reported as a separate  component of income  before  extraordinary  items on the
condensed consolidated statements of operations. Discontinued operations include
the results of operations and any gain or loss recognized for Local Partnerships
that have been  disposed of or are held for sale. A gain or loss  recognized  on
the disposal is disclosed in the notes to the condensed  consolidated  financial
statements.  Adjustments to amounts  previously  reported in operations that are
directly related to the disposal of a Local  Partnership are reclassified in the
current period as discontinued operations for comparability purposes. Assets and
liabilities  of a Local  Partnership  that are  classified  as held for sale are
presented separately in the asset and liability sections,  respectively,  of the
condensed consolidated balance sheets.

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).  Through  September 30, 2007, the  Partnership  has not
recorded any loss on impairment of assets.

At the time management  commits to a plan to dispose of an asset,  such asset is
adjusted to the lower of carrying amount or fair value less costs to sell. These
assets  are  classified  as  property  and  equipment-held  for sale and are not
depreciated.

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

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

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

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

The results of operations for the three and six months ended  September 30, 2007
and  2006  continued  to be in the  form of  rental  income  with  corresponding
expenses divided among operations, depreciation and mortgage interest, excluding
the  results  of its  discontinued  operations  which are not  reflected  in the
following discussion (see Item 1, Note 4).

Rental  income  increased  approximately  2% and 3% for the three and six months
ended  September  30, 2007,  as compared to the  corresponding  periods in 2006,
primarily due to an increase in occupancy at two Local  Partnerships  and rental
rate increases at several other Local Partnerships.

Other income  decreased  approximately  $9,000 and $16,000 for the three and six
months  ended  September  30, 2007 as compared to the  corresponding  periods in
2006. For the three months ended  September 30, 2007, the decrease was primarily
due to an overaccrual of interest income during the first quarter of 2007 at one
Local Partnership. For the six months ended September 30, 2007, the decrease was
primarily  due to a  decrease  in  insurance  proceeds  received  by  one  Local


                                       12
<PAGE>


Partnership, higher forfeited tenant security deposits in the previous year at a
second Local  Partnership and a decrease in tenant charges and vending income at
a third Local Partnership.

Total expenses, excluding general and administrative, general and administrative
- related parties and repairs and maintenance,  remained fairly consistent, with
decreases  of  approximately  2% and 3% for  the  three  and  six  months  ended
September  30,  2007,  as  compared  to  the  corresponding   periods  in  2006,
respectively.

General and administrative expenses increased approximately $97,000 and $108,000
for the three and six months  ended  September  30,  2007,  as  compared  to the
corresponding  periods in 2006,  primarily due to the distribution of net income
to  the  City  of  Los  Angeles  per  its  regulatory  agreement  at  one  Local
Partnership,  an  increase in  accounting  fees and  salaries at a second  Local
Partnership,  an increase  in  miscellaneous  administrative  expense at a third
Local  Partnership,  an  increase  in  accounting  costs  related  to the  PCAOB
requirements  at the  Partnership  level as well as an  increase  in legal costs
related to tender offer activity at the Partnership level.

General and administrative - related parties increased approximately $20,000 for
the three months ended  September  30,  2007,  as compared to the  corresponding
period in 2006,  primarily due to an increase in expense  reimbursements  at the
Partnership level.

Repairs and maintenance expenses increased approximately $45,000 and $36,000 for
the  three  and  six  months  ended  September  30,  2007  as  compared  to  the
corresponding  periods  in  2006,  primarily  due to  increases  in  maintenance
contracts  including  plumbing,  elevator  maintenance,   electric  repairs  and
security  at one  Local  Partnership,  increases  in carpet  and floor  repairs,
plumbing and decorating expenses at a second Local Partnership,  and an increase
in maintenance  payroll and miscellaneous  repairs at a third Local Partnership,
offset by decrease in security costs at a fourth Local Partnership.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The  Partnership  has  mortgage  notes  that are  payable in  aggregate  monthly
installments  including principal and interest at rates varying from 0% to 9.11%
per annum.  The Partnership does not believe there is a material risk associated
with the  various  interest  rates  associated  with the  mortgage  notes as the
majority  of  the  Local  Partnership  mortgage  notes  have  fixed  rates.  The
Partnership disclosed in Item 8, Note 3 to the consolidated financial statements
in the  Partnership's  Annual  Report on Form 10-K for the year ended  March 31,
2007,  the fair  value of the  mortgage  notes  payable.  There are no  material
changes to such disclosure amounts as of September 30, 2007.

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

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES The Chief Executive Officer and
the Chief Financial Officer of Related  Independence L.L.C., the general partner
of the  Partnership  have  evaluated  the  effectiveness  of  the  Partnership's
disclosure  controls and procedures (as such term is defined in Rules  13a-15(e)
and 15d-15(e) under the Securities  Exchange Act of 1934, as amended  ("Exchange
Act")),  as of the end of the  period  covered  by this  report.  Based  on such
evaluation, such officers have concluded that, as of the end of such period, the
Partnership's disclosure controls and procedures are effective.

CHANGES IN INTERNAL  CONTROL OVER  FINANCIAL  REPORTING  There have not been any
changes in the  Partnership's  internal control over financial  reporting during
the fiscal quarter to which this report relates that have  materially  affected,
or are  reasonably  likely to  materially  affect,  the  Partnership's  internal
control over financial reporting.

                                       13
<PAGE>


                           PART II. OTHER INFORMATION



Item 1.    Legal Proceedings - None

Item 1A.   Risk Factors - No changes

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds - None

Item 3.    Defaults upon Senior Securities - None

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

Item 5.    Other Information - None

Item 6.    Exhibits

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

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

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

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

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

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

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

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

           *      Incorporated  herein  by reference to the final  Prospectus as
                  filed  pursuant to Rule 424 under the Securities Act of  1933.
           **     Filed as an exhibit to the Registration Statement on Form S-11
                  of the Partnership (File No. 33-89968) and incorporated herein
                  by reference thereto.


                                       14
<PAGE>

                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.



                      INDEPENDENCE TAX CREDIT PLUS L.P. IV
                      ------------------------------------
                                  (Registrant)



                                 By:  RELATED INDEPENDENCE L.L.C.,
                                      a General Partner



Date: November 8, 2007
      ----------------
                                      By:  /s/ Robert L. Levy
                                           ------------------
                                           Robert L. Levy
                                           Chief Financial Officer




Date: November 8, 2007
      ----------------
                                      By:  /s/ Andrew J. Weil
                                           ------------------
                                           Andrew J. Weil
                                           President and Chief Executive Officer


                                       15
<PAGE>

                                                                    Exhibit 31.1


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


I, Robert L. Levy, certify that:

     1)  I have reviewed this quarterly report on Form 10-Q for the period ended
         September 30, 2007 of Independence Tax Credit Plus L.P. IV;

     2)  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3)  Based on my knowledge, the condensed consolidated financial statements,
         and other financial information included in this report, fairly present
         in all material respects the consolidated financial condition,  results
         of  operations  and cash flows of the  registrant  as of, and for,  the
         periods presented in this report;

     4)  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules  13a-15(e)  and  15d-15(e))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

         c) Evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness of the disclosure controls and procedures,  as of the end
         of the period covered by this report based on such evaluation; and

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

     5)  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of directors (or persons  performing the equivalent
         functions):

         a) All significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) Any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.



         Date: November 8, 2007
               ----------------

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


                                       16
<PAGE>

                                                                    Exhibit 31.2


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


I, Andrew J. Weil, certify that:

     1)  I have reviewed this quarterly report on Form 10-Q for the period ended
         September 30, 2007 of Independence Tax Credit Plus L.P. IV;

     2)  Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

     3)  Based on my knowledge, the condensed consolidated financial statements,
         and other financial information included in this report, fairly present
         in all material respects the consolidated financial condition,  results
         of  operations  and cash flows of the  registrant  as of, and for,  the
         periods presented in this report;

     4)  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules  13a-15(e)  and  15d-15(e))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

         c) Evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this report our  conclusions  about the
         effectiveness of the disclosure controls and procedures,  as of the end
         of the period covered by this report based on such evaluation; and

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

     5)  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of directors (or persons  performing the equivalent
         functions):

         a) All significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) Any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.



         Date: November 8, 2007
               ----------------

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

                                       17
<PAGE>

                                                                    Exhibit 32.1


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


In connection with the Quarterly  Report of Independence Tax Credit Plus L.P. IV
on Form  10-Q  for the  period  ended  September  30,  2007 as  filed  with  the
Securities and Exchange Commission ("SEC") on the date hereof (the "Report"), I,
Robert L. Levy and I, Andrew J. Weil,  certify,  pursuant  to 18 U.S.C.  Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that:


       (1) The Report fully complies with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


       (2) The  information  contained  in the Report  fairly  presents,  in all
material respects,  the condensed consolidated financial condition and result of
operations of the registrant.

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



By:  /s/ Robert L. Levy                             By:  /s/ Andrew J. Weil
     ------------------                                  ------------------
     Robert L. Levy                                      Andrew J. Weil
     Chief Financial Officer                             Chief Executive Officer
     November 8, 2007                                    November 8, 2007

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