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 
September 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. . . . . . . . . . . . . . . .     12

Item 6.    Exhibits and Reports on Form 8-K . . . . . . . .     13














































<PAGE>


<TABLE>
PART I.  FINANCIAL INFORMATION

     ITEM 1.  FINANCIAL STATEMENTS

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

                                        CONSOLIDATED BALANCE SHEETS

                                 SEPTEMBER 30, 1997 AND DECEMBER 31, 1996

                                                (UNAUDITED)


                                                  ASSETS
                                                  ------
<CAPTION>
                                                                          SEPTEMBER 30,   DECEMBER 31, 
                                                                              1997           1996      
                                                                          -------------   ------------ 
<S>                                                                       <C>            <C>           
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .      $  5,357,355      4,552,403 
  Rents and other receivables . . . . . . . . . . . . . . . . . . . .           138,369        338,189 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .            41,081         21,226 
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . .           173,207         19,343 
                                                                           ------------    ----------- 
        Total current assets. . . . . . . . . . . . . . . . . . . . .         5,710,012      4,931,161 
                                                                           ------------    ----------- 
Investment property:
  Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             --           429,000 
  Buildings and improvements. . . . . . . . . . . . . . . . . . . . .             --        15,982,136 
                                                                           ------------    ----------- 
                                                                                  --        16,411,136 
  Less accumulated depreciation . . . . . . . . . . . . . . . . . . .             --        11,287,627 
                                                                           ------------    ----------- 
        Total investment property, net of accumulated depreciation. .             --         5,123,509 

Investment property held for sale or disposition. . . . . . . . . . .         4,851,001          --    
                                                                           ------------    ----------- 
        Total investment property . . . . . . . . . . . . . . . . . .         4,851,001      5,123,509 

Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .            17,283         46,138 
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .           209,397        287,194 
                                                                           ------------    ----------- 

                                                                           $ 10,787,693     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)
                           -----------------------------------------------------
                                                                          SEPTEMBER 30,   DECEMBER 31, 
                                                                              1997           1996      
                                                                          -------------   ------------ 
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .      $    495,789        460,108 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .            69,168         54,208 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .            10,153         12,300 
  Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . .            95,940         79,546 
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .           141,327          --    
                                                                           ------------    ----------- 

        Total current liabilities . . . . . . . . . . . . . . . . . .           812,377        606,162 

Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .            17,595         20,845 
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . .           820,107        820,107 
Long-term debt, less current portion. . . . . . . . . . . . . . . . .         1,998,330      2,374,762 
                                                                           ------------    ----------- 
Commitments and contingencies 

        Total liabilities . . . . . . . . . . . . . . . . . . . . . .         3,648,409      3,821,876 

Venture partner's equity in venture . . . . . . . . . . . . . . . . .         1,374,604      1,149,211 

Partners' capital accounts (deficits):
  General partners:
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .         2,354,267      2,347,312 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .        (3,640,853)    (3,640,853)
                                                                           ------------    ----------- 
                                                                             (1,286,586)    (1,293,541)
                                                                           ------------    ----------- 
  Limited partners (20,005 interests): 
    Capital contributions, net of offering costs. . . . . . . . . . .        17,996,292     17,996,292 
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .        40,036,265     39,695,455 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .       (50,981,291)   (50,981,291)
                                                                           ------------    ----------- 
                                                                              7,051,266      6,710,456 
                                                                           ------------    ----------- 
        Total partners' capital accounts. . . . . . . . . . . . . . .         5,764,680      5,416,915 
                                                                           ------------    ----------- 
                                                                           $ 10,787,693     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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                                (UNAUDITED)

<CAPTION>
                                                     THREE MONTHS ENDED           NINE MONTHS ENDED     
                                                        SEPTEMBER 30                 SEPTEMBER 30       
                                                 --------------------------  -------------------------- 
                                                      1997          1996          1997          1996    
                                                  -----------    ----------   -----------    ---------- 
<S>                                              <C>            <C>          <C>            <C>         
Income:
  Rental income . . . . . . . . . . . . . . . .   $   731,415       995,019     2,173,214     2,992,069 
  Interest income . . . . . . . . . . . . . . .        59,358        47,042       167,925       192,105 
                                                  -----------    ----------    ----------    ---------- 
                                                      790,773     1,042,061     2,341,139     3,184,174 
                                                  -----------    ----------    ----------    ---------- 
Expenses:
  Mortgage and other interest . . . . . . . . .        62,920        74,448       199,245       231,120 
  Depreciation. . . . . . . . . . . . . . . . .        88,944        92,549       274,136       278,836 
  Property operating expenses . . . . . . . . .       400,663       367,173     1,134,100     1,201,435 
  Professional services . . . . . . . . . . . .         --           17,500        56,752        44,993 
  Amortization of deferred expenses . . . . . .        11,437        14,001        34,312        42,002 
  General and administrative. . . . . . . . . .        20,767        21,470        69,436        65,336 
                                                  -----------    ----------    ----------    ---------- 
                                                      584,731       587,141     1,767,981     1,863,722 
                                                  -----------    ----------    ----------    ---------- 
          Operating earnings (loss) . . . . . .       206,042       454,920       573,158     1,320,452 

Venture partner's share of 
  venture's operations. . . . . . . . . . . . .       (73,008)     (163,380)     (225,393)     (467,067)
                                                  -----------    ----------    ----------    ---------- 
          Net earnings (loss) . . . . . . . . .   $   133,034       291,540       347,765       853,385 
                                                  ===========    ==========    ==========    ========== 
          Net earnings (loss) per limited 
            partnership interest. . . . . . . .   $      6.52         14.29         17.04         41.81 
                                                  ===========    ==========    ==========    ========== 
          Cash distributions per limited 
            partnership interest. . . . . . . .   $     --            --            --           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

                               NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                                                (UNAUDITED)

<CAPTION>
                                                                                 1997           1996    
                                                                             -----------    ----------- 
<S>                                                                         <C>            <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .  $   347,765        853,385 
  Items not requiring (providing) cash or cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      274,136        278,837 
    Amortization of deferred expenses . . . . . . . . . . . . . . . . . . .       34,312         42,002 
    Venture partner's share of venture's operations . . . . . . . . . . . .      225,393        467,067 
  Changes in:
    Rents and other receivables . . . . . . . . . . . . . . . . . . . . . .      199,820        (90,080)
    Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .      (19,855)        (6,529)
    Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (153,864)      (153,864)
    Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . .       77,797        (23,024)
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .       14,960         40,574 
    Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . .       (2,147)        (2,570)
    Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . .       16,394         (2,792)
    Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . .      141,327        141,205 
    Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . .       (3,250)         1,250 
                                                                             -----------    ----------- 
          Net cash provided by (used in) operating activities . . . . . . .    1,152,788      1,545,461 
                                                                             -----------    ----------- 
Cash flows from investing activities:
  Additions to investment properties. . . . . . . . . . . . . . . . . . . .       (1,628)         --    
  Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . .       (5,457)        (1,524)
                                                                             -----------    ----------- 
          Net cash provided by (used in) investing activities . . . . . . .       (7,085)        (1,524)
                                                                             -----------    ----------- 
Cash flows from financing activities:
  Principal payments on long-term debt. . . . . . . . . . . . . . . . . . .     (340,751)      (308,451)
  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 . . . . . . .     (340,751)    (4,241,200)
                                                                             -----------    ----------- 



<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. . . . . . .      804,952     (2,697,265)
          Cash and cash equivalents, beginning of year. . . . . . . . . . .    4,552,403      6,822,336 
                                                                             -----------    ----------- 
          Cash and cash equivalents, end of period. . . . . . . . . . . . .  $ 5,357,355      4,125,071 
                                                                             ===========    =========== 

Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . . . . . . . . . . . . . .  $   201,392        233,690 
                                                                             ===========    =========== 
  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

                      SEPTEMBER 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.  As of September 30, 1997, the Partnership and its
consolidated venture have committed to plans to sell or dispose of their
remaining investment property.  Accordingly, the consolidated property has
been classified as held for sale or disposition in the accompanying
consolidated financial statements as of the date of such plan's adoption. 
The results of operations, net of venture partners' share, for the property
and for properties sold or disposed of in the past two years were $401,276
and $870,865, respectively, for the nine months ended September 30, 1997
and 1996.

     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 September
30, 1997 and for the nine months ended September 30, 1997 and 1996 were as
follows:


<PAGE>



                                                          Unpaid at  
                                                        September 30,
                                   1997       1996          1997     
                                 --------    -------    -------------
Property management 
  and leasing fees. . . . . .    $127,957    135,811          --     
Insurance commissions . . . .       9,573      9,140          --     
Reimbursement (at cost) for 
  out-of-pocket expenses. . .         154        264          --     
                                 --------    -------        ------   
                                 $137,684    145,215          --     
                                 ========    =======        ======   

HUNTSVILLE (PARKWAY CITY MALL)

     As of September 30, 1997, occupancy of the shopping center was 75%. In
addition, approximately 12% of the shopping center 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 executed a lease
with Castner Knott Market Centre Store which opened in October 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.  In October 1997, the joint venture received
notification that Montgomery Ward intends to close its store at the center
on or before December 31, 1997.  Under the provisions of the bankruptcy
code, Ward's currently has until March 5, 1998 to assume or reject its
lease and will continue to pay rent pursuant to its original lease
agreement.  The joint venture is reviewing its options with respect to the
Ward's lease.

     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 has, for several years, had a substantial adverse effects on
Huntsville's ability to market the Parkway City Mall for lease or sale.

     Recently, however, the joint venture has approached a potential joint
venture buyer, a venturer of which may include the developer contemplating
the proposed third mall, with a proposal whereby such buyer would purchase
and redevelop the Parkway City Mall rather than such third mall.  Pending
such negotiations, which are preliminary in nature, such developer has
suspended their development of such third mall.  In addition, the joint
venture continues its negotiations with certain of the existing department
stores at the Parkway City Mall to open new stores in conjunction with a
potential redevelopment of the shopping center.  There can be no assurance
that a sale or redevelopment of the shopping center will be completed.

     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 new retailers in the area, 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.


<PAGE>


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 September 30,
1997 and for the three and nine months ended September 30, 1997 and 1996.


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.

     During 1996 and 1997, some of the Limited Partners in the Partnership
received from unaffiliated third parties unsolicited tender offers to
purchase up to 4.9% of the Interests in the Partnership at prices ranging
from between $150 and $225 per Interest.  The Partnership recommended
against acceptance of these offers on the basis that, among other things,
the offer prices were inadequate.  Such offers have expired with the
exception of one which is currently scheduled to expire in November, 1997. 
As of the date of this report, the Partnership is aware that 9.10% of the
Interests in the Partnership have been purchased by such unaffiliated third
parties either pursuant to such tender offers or through negotiated
purchases.  In addition, it is possible that other offers for Interests may
be made by unaffiliated third parties in the future, although there is no
assurance that any other third party will commence an offer for Interests,
the terms of any such offer or whether any such offer, if made, will be
consummated, amended or withdrawn.  The board of directors of JMB Realty
Corporation ("JMB") the managing general partner of the Partnership, has
established a special committee (the "Special Committee") consisting of
certain directors of JMB to deal with all matters relating to tender offers
for Interests in the Partnership, including any and all responses to such
tender offers.  The Special Committee has retained independent counsel to
advise it in connection with any potential tender offers for Interests and
has retained Lehman Brothers Inc. as financial advisor to assist the
Special Committee in evaluating and responding to these and any additional
potential tender offers for Interests.

     At September 30, 1997, the Partnership and its consolidated venture
had cash and cash equivalents of approximately $5,357,000, of which
approximately $1,076,000 represents the joint venture partner's share of
undistributed cash flow from operations of Huntsville.  The remaining funds
of approximately $4,281,000 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 September 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 by the
venture as described in the notes.

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


<PAGE>


     The increase in escrow deposits and the corresponding increase in
accrued real estate taxes at September 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 in accrued rents receivable at September 30, 1997 as
compared to December 31, 1996 is primarily due to the write off of Camelot
Music's balance, as the tenant vacated the Parkway City Mall on February 1,
1997 prior to the expiration of their lease pursuant to its filing for
protection under Federal bankruptcy laws.

     The decrease in rental income for the three and nine months ended
September 30, 1997 as compared to the three and nine months ended September
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 primarily as a result of Yeilding's closing its approximately
24,000 square foot store in October 1996 and Castner Knott Market Centre
Store not opening until October 1997.

     The increase in interest income for the three months ended September
30, 1997 as compared to the three months ended September 30, 1996 is
primarily due to increased average invested cash balances as a result of
cash generated by the Parkway City investment property.  The decrease in
interest income for the nine months ended September 30, 1997 as compared to
the nine months ended September 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 increase in property operating expenses for the three months ended
September 30, 1997 as compared to the three months ended September 30, 1996
is primarily due to an increase in administrative and other operating
costs.  The decrease in property operating expenses for the nine months
ended September 30, 1997 as compared to the nine months ended September 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 nine months ended September 30, 1997 as compared to the three and
nine months ended September 30, 1996 is primarily due to the decreases of
rental and interest income, discussed above, at the 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%     75%

</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: November 12, 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.




                      By:   GAILEN J. HULL
                            Gailen J. Hull, Principal Accounting Officer
                      Date: November 12, 1997