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              March 31, 2001
                              --------------------------------------------------

                                       OR

     |_|    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
            EXCHANGE ACT OF 1934

For the transition period from                        to
                               ----------------------    -----------------------

             Commission file number             0-11987
                                    -----------------------------------

                      Krupp Realty Limited Partnership -IV

     Massachusetts                                                 04-2772783
--------------------------------------------------------------------------------
(State or other jurisdiction of                                (IRS employer
incorporation or organization)                               identification no.)

  One Beacon Street, Boston, Massachusetts                          02108
--------------------------------------------------------------------------------
(Address of principal executive offices)                          (Zip Code)

                                 (617) 523-7722
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


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 |_|

The total number of pages in this document is 11.










<PAGE>


                          PART I. FINANCIAL INFORMATION

Item 1.   CONSOLIDATED FINANCIAL STATEMENTS

This form 10 - Q  contains  forward-looking  statements  within  the  meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange  Act of  1934.  Actual  results  could  differ  materially  from  those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                    (Unaudited)
                                                     March 31,     December 31,
                                                       2001            2000
                                                   ------------    ------------
<S>                                                <C>             <C>

Multi-family apartment communities, net of
 accumulated depreciation of $26,757,553 and
 $26,362,441, respectively                         $  9,855,383    $ 10,139,898
Cash and cash equivalents                               617,580         740,853
Real estate tax escrows                                 359,222         723,394
Prepaid expenses and other assets (Note 1)              172,886         277,631
Investment in securities (Note 2)                        95,516          95,516
Deferred expense, net of accumulated amortization
 of $353,467 and $341,854, respectively (Note 3)         28,687          40,300
                                                   ------------    ------------

Total assets                                       $ 11,129,274    $ 12,017,592
                                                   ============    ============

                       LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
Mortgage notes payable (Note 3)                    $ 16,133,595    $ 16,224,646
Due to affiliates (Note 5)                               20,749            --
Other liabilities                                       762,370       1,190,128
                                                   ------------    ------------
Total liabilities                                    16,916,714      17,414,774
                                                   ------------    ------------

Partners' deficit (Note 4):
Investor Limited Partners
(30,000 Units outstanding)                           (4,073,142)     (3,702,397)
Original Limited Partner                             (1,397,871)     (1,382,261)
General Partners                                       (316,427)       (312,524)
                                                   ------------    ------------

Total partners' deficit                              (5,787,440)     (5,397,182)
                                                   ------------    ------------

Total liabilities and partners' deficit                                       $
                                                   $ 11,129,274      12,017,592
                                                   ============    ============
</TABLE>





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


<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                      For the Three Months
                                                         Ended March 31,
                                                   --------------------------
                                                       2001           2000
                                                   -----------    -----------
<S>                                                <C>            <C>

Revenue:
  Rental                                           $ 1,796,106    $ 1,784,075
  Other income                                          18,222         18,100
                                                   -----------    -----------

Total revenue                                        1,814,328      1,802,175
                                                   -----------    -----------

Expenses:
  Operating (Note 5)                                   512,105        424,242
  Maintenance                                          118,599        123,615
  Real estate taxes                                    184,035        233,483
  Management fees (Note 5)                              75,404         73,239
  General and administrative (Note 5)                  122,824         34,557
  Depreciation and amortization                        406,725        398,220
  Interest                                             394,689        381,176
                                                   -----------    -----------

Total expenses                                       1,814,381      1,668,532
                                                   -----------    -----------

(Loss) income before minority interest                     (53)       133,643

Minority interest                                         (421)          (805)
                                                   -----------    -----------

Net (loss) income                                  $      (474)   $   132,838
                                                   ===========    ===========

Allocation of net (loss) income (Note 4):

Investor Limited Partners
(30,000 Units outstanding):
Net (loss) income                                  $      (450)   $   126,196
                                                   ===========    ===========

Investor Limited Partners
Per Unit:

Net (loss) income                                  $      (.02)   $      4.21
                                                   ===========    ===========

Original Limited Partner
(100 Units outstanding):
Net (loss) income                                  $       (19)   $     5,314
                                                   ===========    ===========

General Partners:
Net (loss) income                                  $        (5)   $     1,328
                                                   ===========    ===========
</TABLE>

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


<PAGE>

               KRUPP REALTY LIMITED PARTNERSHIP - IV SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                     For the Three Months
                                                        Ended March 31,
                                                     ----------------------
                                                        2001         2000
                                                     ---------    ---------
<S>                                                  <C>          <C>

Cash flows from operating activities:
  Net (loss) income                                  $    (474)   $ 132,838
  Adjustment to reconcile net income to net cash
   provided by operating activities:
    Depreciation and amortization                      406,725      398,220
  Changes in assets and liabilities:
    Decrease in prepaid expenses and other assets      468,917      413,223
    Decrease in other liabilities                     (428,135)    (317,775)
    Increase in due to affiliates                       20,749      (33,723)
                                                     ---------    ---------

      Net cash provided by operating activities        467,782      592,783
                                                     ---------    ---------

Cash flows from investing activities:
  Decrease in other liabilities for
   fixed asset additions                                   377       (4,147)
  Fixed asset additions                               (110,597)    (117,303)
                                                     ---------    ---------

      Net cash used in investing activities           (110,220)    (121,450)
                                                     ---------    ---------

Cash flows from financing activities:
  Principal payments on mortgage notes payable         (91,051)     (78,493)
  Distributions                                       (389,784)    (389,784)
                                                     ---------    ---------

      Net cash used in financing activities           (480,835)    (468,277)
                                                     ---------    ---------

Net (decrease) increase in cash and cash equivalents  (123,273)       3,056

Cash and cash equivalents, beginning of period         740,853      856,738
                                                     ---------    ---------

Cash and cash equivalents, end of period             $ 617,580    $ 859,794
                                                     =========    =========
</TABLE>












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


<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



(1)  Accounting Policies

     Certain information and footnote disclosures normally included in financial
     statements  prepared  in  accordance  with  generally  accepted  accounting
     principals  have been  condensed  or  omitted  in this  report on Form 10-Q
     pursuant  to the Rules  and  Regulations  of the  Securities  and  Exchange
     Commission.  In the opinion of the General Partners of Krupp Realty Limited
     Partnership - IV and  Subsidiaries ( the  "Partnership"),  the  disclosures
     contained in this report are adequate to make the information presented not
     misleading.  See notes to Consolidated Financial Statements included in the
     Partnership's  Annual  Report on Form 10-K for the year ended  December 31,
     2000 for additional information relevant to significant accounting policies
     followed by the Partnership.

     The  consolidated   financial   statements  present   consolidated  assets,
     liabilities  and  operations  of  Pavillion  Partners,   Ltd.,   Westbridge
     Partners,   Ltd.,   and  Krupp  Realty  Limited   Partnership-IV.   Westcop
     Corporation  has a 1% interest in the  operations of  Westbridge  Partners,
     Ltd. and Pavillion Partners,  Ltd. At March 31, 2001 and December 31, 2000,
     minority  interest  of $8,167 and  $8,589,  respectively,  is  included  in
     prepaid and other assets.

     In the opinion of the General Partners of the Partnership, the accompanying
     unaudited   consolidated   financial  statements  reflect  all  adjustments
     (consisting of only normal recurring  accruals) necessary to present fairly
     the Partnership's  consolidated financial position as of March 31, 2001 and
     its results of  operations  and cash flows for the three months ended March
     31, 2001 and 2000.

     The results of operations for the three months ended March 31, 2001 are not
     necessarily  indicative  of the results  which may be expected for the full
     year. See Management's  Discussion and Analysis of Financial  Condition and
     Results of Operations included in this report.

(2)  Investment in Securities

     On October 5, 2000,  the  Partnership,  as a member of an alliance of major
     multi-family  real  estate  companies,  executed a master  lease  agreement
     ("MLA") with a provider of high-speed internet, video and voice services to
     multi-family communities.  Pursuant to the MLA, the Partnership granted the
     provider  preferred  lease,  license  and  access  rights to  provide  data
     services,  consisting of  high-speed  broadband  internet  access and video
     services, to the residents at some of its multifamily communities for a ten
     year period. In exchange for these rights, the Partnership received 366,691
     shares of common stock which were valued at $.2285 per share or $83,823. In
     addition,  the Partnership will receive 7.5% of the gross revenues that the
     provider  obtains from providing its services as well as a fixed amount for
     each resident that executes a subscriber agreement. In conjunction with the
     execution  of the MLA,  the  Partnership  made an  investment  of $8,406 in
     exchange for 36,785 additional shares of common stock also valued at $.2285
     per share. The Partnership  incurred  approximately $3,287 in closing costs
     related  to the  acquisition  by the  Partnership  and  the  closing  costs
     incurred  were  recorded as an  investment  in  securities in the financial
     statements as of December 31, 2000.








                                    Continued

<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued




(3)  Mortgage Notes Payable

     On November 9, 2000, the General Partners signed an agreement extending the
     mortgage note payable on Walden Pond  Apartments,  until  November 1, 2002.
     Under the terms of the extension agreement the interest rate on the debt is
     reduced  from  prime  + 0.5%  to  prime -  0.5%.  The  Partnership  paid an
     extension fee of $29,555 for this privilege.

     As of  December  31,  2000,  the  General  Partners  had signed  agreements
     extending the mortgage note payable on Fenland Field Apartments,  under the
     original terms,  until June 1, 2002. The Partnership  paid an extension fee
     of $5,000 for this privilege.

     On April 27, 2001, the General  Partners signed an agreement  extending the
     mortgage note payable on Pavillion  Apartments,  under the original  terms,
     until May 1, 2002.  The  Partnership  paid an extension  fee of $32,969 for
     this privilege.

(4)  Changes in Partners' Deficit

     A summary of changes in Partners'  deficit for the three months ended March
     31, 2001 is as follows:

<TABLE>
<CAPTION>
                        Original       Investor                      Total
                        Limited        Limited         General       Partners'
                        Partner        Partners        Partners      Deficit
                       -----------    -----------    -----------    -----------
<S>                    <C>            <C>            <C>            <C>

Balance at
 December 31, 2000     $(3,702,397)   $(1,382,261)   $  (312,524)   $(5,397,182)

Net loss                      (450)           (19)            (5)          (474)

Distributions             (370,295)       (15,591)        (3,898)      (389,784)
                       -----------    -----------    -----------    -----------

Balance at
 March 31, 2001        $(4,073,142)   $(1,397,871)   $  (316,427)   $(5,787,440)
                       ===========    ===========    ===========    ===========
</TABLE>
















                                    Continued

<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

(5)  Related Party Transactions

     The  Partnership  pays  property  management  fees to an  affiliate  of the
     General  Partners  for  management  services.  Pursuant  to the  management
     agreements,  management  fees are  payable  monthly  at a rate of 5% of the
     gross receipts from the properties under  management.  The Partnership also
     reimburses affiliates of the General Partners for certain expenses incurred
     in connection  with the operation of the  Partnership  and its  properties,
     including administrative expenses.

     Amounts  accrued  or  paid  to the  General  Partners'  affiliates  were as
     follows:

<TABLE>
<CAPTION>
                                                     For the Three Months
                                                        Ended March 31,
                                                     ---------------------
                                                       2001       2000
                                                     ---------   ---------
<S>                                                  <C>         <C>

        Property management fees                     $  75,404   $  73,239

        Expense reimbursements                         165,361      57,180
                                                     ---------   ---------

            Charge to operations                     $ 240,765   $ 130,419
                                                     =========   =========
</TABLE>

Due to (from)  affiliates  consisted  of expense  reimbursements  of $20,749 and
($28,007) at March 31, 2001 and December  31,  2000,  respectively.  Amounts due
from affiliates are included in prepaid expenses and other assets on the balance
sheet at December 31, 2000.



<PAGE>



             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

Item 2.   MANAGEMENT'S  DISCUSSION  AND ANALYSIS OF FINANCIAL  CONDITION AND
          RESULTS OF OPERATIONS


     This  Management's  Discussion  and  Analysis of  Financial  Condition  and
     Results of Operations contains  forward-looking  statements including those
     concerning   Management's   expectations  regarding  the  future  financial
     performance and future events.  These  forward-looking  statements  involve
     significant  risks and  uncertainties,  including those  described  herein.
     Actual  results  may  differ  materially  from  those  anticipated  by such
     forward-looking statements.

     Liquidity and Capital Resources

     The  Partnership's  ability to generate  cash adequate to meet its needs is
     dependent  primarily  upon the  operations of its real estate  investments.
     Such  ability  would also be  impacted by the future  availability  of bank
     borrowings,  and upon the future  refinancing and sale of the Partnership's
     real  estate  investments.  These  sources  of  liquidity  will  be used by
     Partnership  for  payment of expenses  related to real  estate  operations,
     capital improvements,  debt service and other expenses.  Cash flow, if any,
     as calculated under Section 8.2 (a) of the Partnership Agreement, will then
     be available for distribution to the Partners.

     Over the past several years,  real estate markets in general have improved,
     and the  General  Partners  feel it is an  opportune  time to  formulate  a
     liquidation  strategy for the  Partnership.  As previously  disclosed,  the
     General  Partners have begun the process of more  thoroughly  assessing the
     real estate sales market in the Partnership's market areas and developing a
     disposition  strategy  which  will  yield the  highest  value to  investors
     through an efficient and orderly liquidation of the Partnership. In keeping
     with this  strategy,  the General  Partners have extended the mortgage loan
     which would have  matured in the next 2 months with  financing  that leaves
     flexibility for the property sales.

     Assuming market conditions do not change, the assessment of the real estate
     sales market is consistent with the General Partners' expectations,  and an
     acceptable disposition plan can be implemented, the General Partners expect
     to complete the liquidation process over the next 12 months. However, there
     can be no assurance that such  liquidation  will occur, or what amounts may
     be realized by the Partnership.

     On November 9, 2000, the General Partners signed an agreement extending the
     mortgage note payable on Walden Pond Apartments until November 1, 2002. The
     Partnership  paid an  extension  fee of  $29,555  for this  privilege.  The
     extension  terms  reduced  the  interest  rate from prime + 0.5% to prime -
     0.5%.

     As of December 31, 2000, the General Partners signed an agreement extending
     the mortgage note payable on Fenland Field  Apartments,  under the original
     terms,  until June 1, 2002. The Partnership paid an extension fee of $5,000
     for this privilege.

     On April 27, 2001, the General  Partners signed an agreement  extending the
     mortgage note payable on Pavillion  Apartments,  under the original  terms,
     until May 1, 2002.  The  Partnership  paid an extension  fee of $32,969 for
     this privilege.

     The General  Partners,  on an ongoing basis,  assess the current and future
     liquidity needs in determining  the level of working  capital  reserves the
     Partnership should maintain.  Adjustments to the distribution are made when
     appropriate to reflect such  assessments.  The current annual  distribution
     rate is $24.69 per Investor Limited Partner Unit, and is paid semi-annually
     in February and August.









<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

     Operations

     The following  discussion  relates to the operation of the  Partnership and
     its properties  (Fenland Field,  Pavillion and Walden Pond  Apartments) for
     the three months ended March 31, 2001 and 2000.

     Net income  decreased  during the three  months  ended  March 31, 2001 when
     compared to the three months ended March 31, 2000 due to increases in total
     expenses more than offsetting  increases in total revenue.  The increase in
     total revenue is primarily as a result of rental rate increases implemented
     at all of the  Partnership's  properties at the end of the first quarter of
     2000.

     Total  expenses for the three months  ended March 31, 2001  increased  when
     compared  to the three  months  ended March 31,  2000 due to  increases  in
     operating and general and  administrative  expenses,  partially offset by a
     decrease in real estate taxes.  Operating expenses increased as a result of
     increases in utilities  and payroll  expenses.  General and  administrative
     expenses increased as a result of increased investor  communication  costs,
     including  the annual  look back  adjustment  which  totaled  approximately
     $49,000,  which  includes  printing  and  mailing of  quarterly  and annual
     reports. Real estate tax expense decreased as a result of a reassessment of
     property values by the local taxing authority.


Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


     The Partnership's  future earnings,  cash flows and fair values relevant to
     financial  instruments  are dependent upon prevalent  market rates.  Market
     risk is the risk of loss from adverse changes in market prices and interest
     rates. The Partnership  manages its market risk by matching  projected cash
     inflows from  operating  activities,  investing  activities  and  financing
     activities   with   projected   cash   outflows  to  fund  debt   payments,
     acquisitions,   capital   expenditures,   distributions   and  other   cash
     requirements.  The majority of the Partnership's outstanding debt (maturing
     at various times through 2002) has a fixed interest rate,  which  minimizes
     the interest rate risk.

     A detailed  analysis of quantitative and qualitative  market risk exposures
     was provided in the in the Partnership's Annual Report on Form 10-K for the
     year ended December 31, 2000. There have been no material changes in market
     risk subsequent to that date









<PAGE>


             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                           PART II - OTHER INFORMATION



     Item 1.  Legal Proceedings
              Response:         None

     Item 2.  Changes in Securities
              Response:         None

     Item 3.  Defaults upon Senior Securities
              Response:         None

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

     Item 5.  Other Information
              Response:         None

     Item 6.  Exhibits and Reports on Form 8-K
              Response:         None


































<PAGE>

                                    SIGNATURE

     Pursuant to the  requirements  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.


                                            Krupp Realty Limited Partnership-IV
                                            ------------------------------------
                                                      (Registrant)

                                       BY:  /s/ David C. Quade
                                            ------------------------------------
                                            David C. Quade
                                            Treasurer   (Principal Financial and
                                            Accounting Officer) of The Krupp
                                            Corporation, a General Partner





     DATE: May 15, 2001