SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549



                               FORM 10-Q



              Quarterly Report Under Section 13 or 15(d)
                of the Securities Exchange Act of 1934




For the quarter ended June 30, 1997    Commission file number 0-8469  




                   JMB INCOME PROPERTIES, LTD. - IV
        (Exact name of registrant as specified in its charter)





                Illinois                    36-2857658                
      (State of organization)      (IRS Employer Identification No.)  



  900 N. Michigan Ave., Chicago, IL           60611                   
(Address of principal executive office)     (Zip Code)                




Registrant's telephone number, including area code 312/915-1987




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      


<PAGE>


                           TABLE OF CONTENTS




PART I     FINANCIAL INFORMATION


Item 1.    Financial Statements . . . . . . . . . . . . . .      3

Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations. . . . . . .     10



PART II    OTHER INFORMATION

Item 5.    Other Information. . . . . . . . . . . . . . . .     11

Item 6.    Exhibits and Reports on Form 8-K . . . . . . . .     12














































<PAGE>


<TABLE>
PART I.  FINANCIAL INFORMATION

     ITEM 1.  FINANCIAL STATEMENTS

                                     JMB INCOME PROPERTIES, LTD. - IV
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                        CONSOLIDATED BALANCE SHEETS

                                    JUNE 30, 1997 AND DECEMBER 31, 1996

                                                (UNAUDITED)


                                                  ASSETS
                                                  ------
<CAPTION>
                                                                             JUNE 30,     DECEMBER 31, 
                                                                               1997          1996      
                                                                          -------------   ------------ 
<S>                                                                       <C>            <C>           
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .      $  5,270,571      4,552,403 
  Rents and other receivables . . . . . . . . . . . . . . . . . . . .            95,532        338,189 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .             --            21,226 
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . .           121,919         19,343 
                                                                           ------------    ----------- 
        Total current assets. . . . . . . . . . . . . . . . . . . . .         5,488,022      4,931,161 
                                                                           ------------    ----------- 
Investment property, at cost:
  Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           429,000        429,000 
  Buildings and improvements. . . . . . . . . . . . . . . . . . . . .        15,983,765     15,982,136 
                                                                           ------------    ----------- 
                                                                             16,412,765     16,411,136 
  Less accumulated depreciation . . . . . . . . . . . . . . . . . . .        11,472,819     11,287,627 
                                                                           ------------    ----------- 
        Total investment property, net of accumulated depreciation. .         4,939,946      5,123,509 

Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .            28,720         46,138 
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .           216,106        287,194 
                                                                           ------------    ----------- 

                                                                           $ 10,672,794     10,388,002 
                                                                           ============    =========== 




<PAGE>


                                     JMB INCOME PROPERTIES, LTD. - IV
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE
                                  CONSOLIDATED BALANCE SHEETS - CONTINUED

                           LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
                           -----------------------------------------------------
                                                                             JUNE 30,     DECEMBER 31, 
                                                                              1997           1996      
                                                                          -------------   ------------ 
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .      $    483,598        460,108 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .            74,406         54,208 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .            11,525         12,300 
  Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . .           111,158         79,546 
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .            94,218          --    
                                                                           ------------    ----------- 

        Total current liabilities . . . . . . . . . . . . . . . . . .           774,905        606,162 

Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .            17,595         20,845 
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . .           820,107        820,107 
Long-term debt, less current portion. . . . . . . . . . . . . . . . .         2,126,944      2,374,762 
                                                                           ------------    ----------- 
Commitments and contingencies 

        Total liabilities . . . . . . . . . . . . . . . . . . . . . .         3,739,551      3,821,876 

Venture partner's equity in venture . . . . . . . . . . . . . . . . .         1,301,596      1,149,211 

Partners' capital accounts (deficits):
  General partners:
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .         2,351,607      2,347,312 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .        (3,640,853)    (3,640,853)
                                                                           ------------    ----------- 
                                                                             (1,289,246)    (1,293,541)
                                                                           ------------    ----------- 
  Limited partners (20,005 interests): 
    Capital contributions, net of offering costs. . . . . . . . . . .        17,996,292     17,996,292 
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .        39,905,892     39,695,455 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .       (50,981,291)   (50,981,291)
                                                                           ------------    ----------- 
                                                                              6,920,893      6,710,456 
                                                                           ------------    ----------- 
        Total partners' capital accounts. . . . . . . . . . . . . . .         5,631,647      5,416,915 
                                                                           ------------    ----------- 
                                                                           $ 10,672,794     10,388,002 
                                                                           ============    =========== 
<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                     JMB INCOME PROPERTIES, LTD. - IV
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                   CONSOLIDATED STATEMENTS OF OPERATIONS

                             THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                                (UNAUDITED)

<CAPTION>
                                                     THREE MONTHS ENDED           SIX MONTHS ENDED      
                                                          JUNE 30                      JUNE 30          
                                                 --------------------------  -------------------------- 
                                                      1997          1996          1997          1996    
                                                  -----------    ----------   -----------    ---------- 
<S>                                              <C>            <C>          <C>            <C>         
Income:
  Rental income . . . . . . . . . . . . . . . .   $   689,946       948,693     1,441,799     1,997,050 
  Interest income . . . . . . . . . . . . . . .        56,634        72,076       108,568       145,063 
                                                  -----------    ----------    ----------    ---------- 
                                                      746,580     1,020,769     1,550,367     2,142,113 
                                                  -----------    ----------    ----------    ---------- 
Expenses:
  Mortgage and other interest . . . . . . . . .        67,004        77,062       136,325       156,672 
  Depreciation. . . . . . . . . . . . . . . . .        92,602        92,763       185,192       186,287 
  Property operating expenses . . . . . . . . .       374,619       406,241       733,437       834,262 
  Professional services . . . . . . . . . . . .        20,694        11,460        56,752        27,493 
  Amortization of deferred expenses . . . . . .        11,438        14,038        22,875        28,001 
  General and administrative. . . . . . . . . .        32,622        22,419        48,669        43,866 
                                                  -----------    ----------    ----------    ---------- 
                                                      598,979       623,983     1,183,250     1,276,581 
                                                  -----------    ----------    ----------    ---------- 
          Operating earnings (loss) . . . . . .       147,601       396,786       367,117       865,532 

Venture partner's share of 
  venture's operations. . . . . . . . . . . . .       (64,160)     (138,260)     (152,385)     (303,687)
                                                  -----------    ----------    ----------    ---------- 
          Net earnings (loss) . . . . . . . . .   $    83,441       258,526       214,732       561,845 
                                                  ===========    ==========    ==========    ========== 
          Net earnings (loss) per limited 
            partnership interest. . . . . . . .   $      4.09         12.66         10.52         27.52 
                                                  ===========    ==========    ==========    ========== 
          Cash distributions per limited 
            partnership interest. . . . . . . .   $     --           130.00         --           130.00 
                                                  ===========    ==========    ==========    ========== 

<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                     JMB INCOME PROPERTIES, LTD. - IV
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                                   CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                                (UNAUDITED)

<CAPTION>
                                                                                 1997           1996    
                                                                             -----------    ----------- 
<S>                                                                         <C>            <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .  $   214,732        561,845 
  Items not requiring (providing) cash or cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      185,192        186,287 
    Amortization of deferred expenses . . . . . . . . . . . . . . . . . . .       22,875         28,001 
    Venture partner's share of venture's operations . . . . . . . . . . . .      152,385        303,687 
  Changes in:
    Rents and other receivables . . . . . . . . . . . . . . . . . . . . . .      242,657        102,331 
    Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .       21,226         26,772 
    Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (102,576)      (102,576)
    Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . .       71,088        (15,349)
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .       20,198         10,707 
    Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . .         (775)        (1,692)
    Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . .       31,612           (147)
    Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . .       94,218         94,136 
    Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . .       (3,250)        (1,250)
                                                                             -----------    ----------- 
          Net cash provided by (used in) operating activities . . . . . . .      949,582      1,192,752 
                                                                             -----------    ----------- 
Cash flows from investing activities:
  Additions to investment properties. . . . . . . . . . . . . . . . . . . .       (1,629)         --    
  Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . .       (5,457)        (1,524)
                                                                             -----------    ----------- 
          Net cash provided by (used in) investing activities . . . . . . .       (7,086)        (1,524)
                                                                             -----------    ----------- 
Cash flows from financing activities:
  Principal payments on long-term debt. . . . . . . . . . . . . . . . . . .     (224,328)      (203,063)
  Distributions to limited partners . . . . . . . . . . . . . . . . . . . .        --        (2,600,650)
  Distributions to general partners . . . . . . . . . . . . . . . . . . . .        --          (354,337)
  Distributions to venture partner. . . . . . . . . . . . . . . . . . . . .        --          (977,762)
                                                                             -----------    ----------- 
          Net cash provided by (used in) financing activities . . . . . . .     (224,328)    (4,135,812)
                                                                             -----------    ----------- 



<PAGE>


                                     JMB INCOME PROPERTIES, LTD. - IV
                                          (A LIMITED PARTNERSHIP)
                                         AND CONSOLIDATED VENTURE

                             CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED




                                                                                 1997           1996    
                                                                             -----------    ----------- 

          Net increase (decrease) in cash and cash equivalents. . . . . . .      718,168     (2,944,584)
          Cash and cash equivalents, beginning of year. . . . . . . . . . .    4,552,403      6,822,336 
                                                                             -----------    ----------- 
          Cash and cash equivalents, end of period. . . . . . . . . . . . .  $ 5,270,571      3,877,752 
                                                                             ===========    =========== 

Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . . . . . . . . . . . . . .  $   137,100        158,364 
                                                                             ===========    =========== 
  Non-cash investing and financing activities . . . . . . . . . . . . . . .  $     --             --    
                                                                             ===========    =========== 

























<FN>
                       See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


                   JMB INCOME PROPERTIES, LTD. - IV
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURE

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                        JUNE 30, 1997 AND 1996

                              (UNAUDITED)


GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1996
which are included in the Partnership's 1996 Annual Report, as certain
footnote disclosures which would substantially duplicate those contained in
such audited financial statements have been omitted from this report.

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reported period.  Actual results could differ from those
estimates.

     The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" ("SFAS 121") as required in the first
quarter of 1996.  The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell such property and active marketing activity has commenced or is
expected to commence in the near term.  In accordance with SFAS 121, any
properties identified as "held for sale or disposition" are no longer
depreciated.

     During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued.  As the Partnership's
capital structure only has general and limited partnership interests, the
Partnership does not expect any significant impact on its consolidated
financial statements upon adoption of these standards when required at the
end of 1997.


TRANSACTIONS WITH AFFILIATES

     Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of June 30,
1997 and for the six months ended June 30, 1997 and 1996 were as follows:

                                                          Unpaid at  
                                                          June 30,   
                                   1997       1996          1997     
                                 --------    -------    -------------

Property management 
  and leasing fees. . . . . .    $ 92,803     99,031          --     
Insurance commissions . . . .       9,220      7,657          --     
Reimbursement (at cost) for 
  out-of-pocket expenses. . .         126        264          --     
                                 --------    -------        ------   
                                 $102,149    106,952          --     
                                 ========    =======        ======   




<PAGE>


HUNTSVILLE (PARKWAY CITY MALL)

     As of June 30, 1997, occupancy of the shopping center was 74% of which
approximately 10% was occupied by tenants occupying space on a temporary
basis.  One of the center's tenants, Yeilding's, vacated its approximate
24,000 square foot store in November 1996 pursuant to a bankruptcy petition
filed under Chapter 7 of the bankruptcy code on October 8, 1996.  The joint
venture has recently executed a lease with Castner-Knott Home Store to open
in fall 1997 in the space formerly occupied by Yeilding's.  On July 7,
1997, a major tenant of the center, Montgomery Ward's, occupying
approximately 75,000 square feet or 18% of the center, filed a petition for
protection under Chapter 11 of the bankruptcy code, however, the Ward's
store is open and continues to operate and pay rent pursuant to its
original lease agreement.

     Parkway City Mall is one of the two malls serving the Huntsville
metropolitan area.  Several years ago, another shopping center developer
announced plans for a proposed third mall which, if built, would
significantly impact the market share of the Parkway City Mall. 
Additionally, several department stores, some of which currently have
stores at the Parkway City Mall, had announced their intention to open
stores at the proposed third mall.  The potential development of the third
mall continues to have substantial adverse effects on Huntsville's ability
to market the Parkway City Mall for lease or sale.

     Recently, certain department stores, some of which already operate
stores at the Parkway City Mall, are in discussion with Huntsville to open
new stores at the center, subject to certain conditions.  These
discussions, along with the lengthy delay of the development of the
proposed third mall in the Huntsville market, may significantly change
Huntsville's strategy for the center.  Huntsville is currently evaluating
its alternatives, including a possible remerchandising of the center, in
light of these new developments.

     There are a number of factors that may affect the timing of a sale and
the sale price that will ultimately be achieved for the Parkway City Mall,
including, among other things, the following:  potential increased
competition from the proposed new shopping mall in the area and the timing
of the development of such shopping mall, the relative attractiveness of
retail properties for investment purposes, conditions for retailing
generally, interest rates, the actual operations of the Parkway City Mall,
tenant bankruptcies, the continued operation and success of anchor
department store tenants, the quality of existing tenants and the ability
to retain such existing tenants and attract new tenants at the Parkway City
Mall.  As a result, there is no assurance as to what price will ultimately
be obtained upon a sale of the Parkway City Mall or the timing of such a
sale.


ADJUSTMENTS

     In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of June 30, 1997
and for the three and six months ended June 30, 1997 and 1996.




<PAGE>


PART I.  FINANCIAL INFORMATION

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

     Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
remaining investment.

     At June 30, 1997, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $5,271,000, of which
approximately $1,054,000 represents the joint venture partner's share of
undistributed cash flow from operations of Huntsville.  The remaining funds
of approximately $4,217,000 are available for distributions to partners,
tenant improvements, leasing commissions, cash incentives to major
department stores and other capital expenditures at the Partnership's
remaining investment property and for working capital requirements.

     The General Partners expect to conduct an orderly liquidation as
quickly as practicable.  The affairs of the Partnership are expected to be
wound up no later than December 31, 1999 (sooner if the last remaining
property is sold in the near term), barring unforeseen economic
developments.

RESULTS OF OPERATIONS

     The increase in cash and cash equivalents at June 30, 1997 as compared
to December 31, 1996 is primarily due to cash flow generated from property
operations at the Parkway City Mall which has been retained at the venture
as described in the notes.

     The decrease in rents and other receivables at June 30, 1997 as
compared to December 31, 1996 is primarily due to timing of rental receipts
at the Parkway City Mall.

     The increase in escrow deposits and the corresponding increase in
accrued real estate taxes at June 30, 1997 as compared to December 31, 1996
is primarily due to the timing of payment of real estate taxes related to
the Parkway City Mall.

     The decrease accrued rents receivable at June 30, 1997 as compared to
December 31, 1996 is primarily due to the write off of Camelot Music's
balance, as the tenant vacated Parkway City Mall on February 1, 1997 prior
to the expiration of their lease.

     The decrease in rental income for the three and six months ended June
30, 1997 as compared to the three and six months ended June 30, 1996 is
primarily due to a decrease in base rents and in recoverable operating
expenses due to a decrease in occupancy in 1997 at the Parkway City Mall.

     The decrease in interest income for the three and six months ended
June 30, 1997 as compared to the three and six months ended June 30, 1996
is primarily due to lower average invested cash balances resulting from the
May 1996 distribution of accumulated cash reserves to the partners as
discussed in the notes to consolidated financial statements included in the
Partnership's 1996 Annual Report.

     The decrease in property operating expenses for the three and six
months ended June 30, 1997 as compared to the three and six months ended
June 30, 1996 is primarily due to decreases in bad debt and advertising
expense, partially offset by an increase in payroll expense at the Parkway
City Mall.

     The decrease in venture partner's share of venture operations for the
three and six months ended June 30, 1997 as compared to the three and six
months ended June 30, 1996 is primarily due to the decreases of rental and
interest income, discussed above, at Parkway City Mall.




<PAGE>


<TABLE>
PART II.  OTHER INFORMATION


     ITEM 5.  OTHER INFORMATION


                                                 OCCUPANCY

     The following is a listing of approximate occupancy levels by quarter for the Partnership's remaining
investment property:

<CAPTION>
                                                1996                                1997               
                                 -------------------------------------   ------------------------------
                                    At         At        At        At       At      At      At      At 
                                   3/31       6/30      9/30     12/31     3/31    6/30    9/30   12/31
                                   ----       ----      ----     -----     ----    ----   -----   -----
<S>                             <C>        <C>       <C>       <C>        <C>     <C>     <C>    <C>   
1. Parkway City Mall
    Huntsville, Alabama . . .       84%        82%       84%       75%      74%     74%

</TABLE>


<PAGE>


PART II.  OTHER INFORMATION

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

      (a)   Exhibits

            3-A.* The Prospectus of the Partnership dated July 26, 1976,
as supplemented August 19, 1976, September 16, 1976, and September 21,
1976, filed with the Commission pursuant to Rules 424(b) and 424(c), is
hereby incorporated herein by reference.

            3-B.* Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, and which agreement is hereby
incorporated herein by reference.

            4.    Mortgage Note between Huntsville Mall Associates and
New York Life Insurance Company, dated November 19, 1976, secured by the
Parkway City Mall in Huntsville, Alabama is hereby incorporated herein by
reference to the Partnership's Prospectus filed on Form S-11 (File No. 2-
55624) dated July 26, 1976.

            10.   Acquisition documents including the venture agreement
relating to the purchase by the Partnership of an interest in the Parkway
City Mall in Huntsville, Alabama are hereby incorporated herein by
reference to the Partnership's Prospectus on Form S-11 (File No. 2-55624)
dated July 26, 1976.

            27.   Financial Data Schedule

            --------------------

            *     Previously filed as Exhibits 3-A and 3-B, respectively,
to the Partnership's Report for December 31, 1992 on Form 10-K (File No. 0-
8469) dated March 19, 1993.


      (b)   No reports on Form 8-K have been filed during the last quarter
of the period covered by this report.





<PAGE>


                              SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                JMB INCOME PROPERTIES, LTD. - IV

                BY:   JMB Realty Corporation
                      (Managing General Partner)




                      By:   GAILEN J. HULL
                            Gailen J. Hull, Senior Vice President
                      Date: August 8, 1997


     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.




                            GAILEN J. HULL
                            Gailen J. Hull, Principal Accounting Officer
                      Date: August 8, 1997