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 March 31, 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

                                   MARCH 31, 1997 AND DECEMBER 31, 1996

                                                (UNAUDITED)


                                                  ASSETS
                                                  ------
<CAPTION>
                                                                             MARCH 31,    DECEMBER 31, 
                                                                               1997          1996      
                                                                          -------------   ------------ 
<S>                                                                       <C>            <C>           
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .      $  4,950,870      4,552,403 
  Rents and other receivables . . . . . . . . . . . . . . . . . . . .           185,401        338,189 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .             8,490         21,226 
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . .            70,631         19,343 
                                                                           ------------    ----------- 
        Total current assets. . . . . . . . . . . . . . . . . . . . .         5,215,392      4,931,161 
                                                                           ------------    ----------- 
Investment property, at cost:
  Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           429,000        429,000 
  Buildings and improvements. . . . . . . . . . . . . . . . . . . . .        15,982,837     15,982,136 
                                                                           ------------    ----------- 
                                                                             16,411,837     16,411,136 
  Less accumulated depreciation . . . . . . . . . . . . . . . . . . .        11,380,217     11,287,627 
                                                                           ------------    ----------- 
        Total investment property, net of accumulated depreciation. .         5,031,620      5,123,509 

Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .            40,158         46,138 
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .           280,485        287,194 
                                                                           ------------    ----------- 

                                                                           $ 10,567,655     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)
                           -----------------------------------------------------
                                                                            MARCH 31,     DECEMBER 31, 
                                                                              1997           1996      
                                                                          -------------   ------------ 
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .      $    471,707        460,108 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .            62,166         54,208 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .            11,675         12,300 
  Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . .            98,259         79,546 
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .            47,109          --    
                                                                           ------------    ----------- 

        Total current liabilities . . . . . . . . . . . . . . . . . .           690,916        606,162 

Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .            18,595         20,845 
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . .           820,107        820,107 
Long-term debt, less current portion. . . . . . . . . . . . . . . . .         2,252,395      2,374,762 
                                                                           ------------    ----------- 
Commitments and contingencies 

        Total liabilities . . . . . . . . . . . . . . . . . . . . . .         3,782,013      3,821,876 

Venture partner's equity in venture . . . . . . . . . . . . . . . . .         1,237,436      1,149,211 

Partners' capital accounts (deficits):
  General partners:
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .         2,349,938      2,347,312 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .        (3,640,853)    (3,640,853)
                                                                           ------------    ----------- 
                                                                             (1,290,915)    (1,293,541)
                                                                           ------------    ----------- 
  Limited partners (20,005 interests): 
    Capital contributions, net of offering costs. . . . . . . . . . .        17,996,292     17,996,292 
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . . .        39,824,120     39,695,455 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . .       (50,981,291)   (50,981,291)
                                                                           ------------    ----------- 
                                                                              6,839,121      6,710,456 
                                                                           ------------    ----------- 
        Total partners' capital accounts. . . . . . . . . . . . . . .         5,548,206      5,416,915 
                                                                           ------------    ----------- 
                                                                           $ 10,567,655     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 MONTHS ENDED MARCH 31, 1997 AND 1996

                                                (UNAUDITED)

<CAPTION>

                                                                                1997            1996    
                                                                            ------------    ----------- 
<S>                                                                        <C>             <C>          
Income:
  Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $   751,853      1,048,357 
  Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       51,934         72,987 
                                                                             -----------     ---------- 
                                                                                 803,787      1,121,344 
                                                                             -----------     ---------- 
Expenses:
  Mortgage and other interest . . . . . . . . . . . . . . . . . . . . . . .       69,321         79,610 
  Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       92,590         93,524 
  Property operating expenses . . . . . . . . . . . . . . . . . . . . . . .      358,818        428,021 
  Professional services . . . . . . . . . . . . . . . . . . . . . . . . . .       36,058         16,033 
  Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . .       11,437         13,963 
  General and administrative. . . . . . . . . . . . . . . . . . . . . . . .       16,047         21,447 
                                                                             -----------     ---------- 
                                                                                 584,271        652,598 
                                                                             -----------     ---------- 
          Operating earnings (loss) . . . . . . . . . . . . . . . . . . . .      219,516        468,746 

Venture partner's share of venture's operations . . . . . . . . . . . . . .      (88,225)      (165,427)
                                                                             -----------     ---------- 
          Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . .  $   131,291        303,319 
                                                                             ===========     ========== 
          Net earnings (loss) per limited 
            partnership interest. . . . . . . . . . . . . . . . . . . . . .  $      6.44          14.86 
                                                                             ===========     ========== 
          Cash distributions per limited 
            partnership interest. . . . . . . . . . . . . . . . . . . . . .  $     --             --    
                                                                             ===========     ========== 




<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

                                THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                                                (UNAUDITED)

<CAPTION>
                                                                                 1997           1996    
                                                                             -----------    ----------- 
<S>                                                                         <C>            <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .  $   131,291        303,319 
  Items not requiring (providing) cash or cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       92,590         93,524 
    Amortization of deferred expenses . . . . . . . . . . . . . . . . . . .       11,437         13,963 
    Venture partner's share of venture's operations . . . . . . . . . . . .       88,225        165,427 
  Changes in:
    Rents and other receivables . . . . . . . . . . . . . . . . . . . . . .      152,788         45,871 
    Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .       12,736         16,200 
    Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (51,288)       (51,288)
    Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . .        6,709         (7,675)
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .        7,958            116 
    Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . .         (625)          (835)
    Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . .       18,713           (993)
    Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . .       47,109         47,068 
    Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . .       (2,250)        (1,250)
                                                                             -----------    ----------- 
          Net cash provided by (used in) operating activities . . . . . . .      515,393        623,447 
                                                                             -----------    ----------- 
Cash flows from investing activities:
  Net sales and maturities (purchases) of short-term investments. . . . . .        --        (3,001,270)
  Additions to investment properties. . . . . . . . . . . . . . . . . . . .         (701)         --    
  Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . .       (5,457)        (1,075)
                                                                             -----------    ----------- 
          Net cash provided by (used in) investing activities . . . . . . .       (6,158)    (3,002,345)
                                                                             -----------    ----------- 
Cash flows from financing activities:
  Principal payments on long-term debt. . . . . . . . . . . . . . . . . . .     (110,768)      (100,267)
                                                                             -----------    ----------- 
          Net cash provided by (used in) financing activities . . . . . . .     (110,768)      (100,267)
                                                                             -----------    ----------- 



<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. . . . . . .      398,467     (2,479,165)
          Cash and cash equivalents, beginning of year. . . . . . . . . . .    4,552,403      6,822,336 
                                                                             -----------    ----------- 
          Cash and cash equivalents, end of period. . . . . . . . . . . . .  $ 4,950,870      4,343,171 
                                                                             ===========    =========== 

Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . . . . . . . . . . . . . .  $    69,946         80,445 
                                                                             ===========    =========== 
  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

                        MARCH 31, 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.


TRANSACTIONS WITH AFFILIATES

     Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of March 31,
1997 and for the three months ended March 31, 1997 and 1996 were as
follows:

                                                          Unpaid at  
                                                          March 31,  
                                    1997      1996          1997     
                                  -------    -------    -------------

Property management fees. . .     $46,010     48,694          --     
Insurance commissions . . . .        --           85          --     
Reimbursement (at cost) for 
  out-of-pocket expenses. . .        --          264          --     
                                  -------    -------        ------   

                                  $46,010     49,043          --     
                                  =======    =======        ======   




<PAGE>


HUNTSVILLE (PARKWAY CITY MALL)

     As of March 31, 1997, occupancy of the shopping center was 74%.  One
of the center's major tenants, Yielding'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 Yielding's.

     Huntsville Mall Associates ("Huntsville") discontinued its
distributions effective with the first quarter of 1993 in order to fund
certain tenant allowances and a limited renovation of the shopping center
in 1993 and 1994.  Subsequently, Huntsville had examined a potential
redevelopment of the Parkway City Mall in response to market conditions,
which it has determined not to undertake, as described below. 
Consequently, in May 1996, Huntsville made a special distribution of its
cash flow from operations for 1993, 1994 and 1995.

     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, have indicated their desire to open new
stores at the center, subject to certain conditions.  This 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 March 31,
1997 and for the three months ended March 31, 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 March 31, 1997, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $4,951,000, of which
approximately $941,000 represents the joint venture partner's share of
undistributed cash flow from operations of Huntsville.  The remaining funds
of approximately $4,010,000, 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 March 31, 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 for the three months ended
March 31, 1996 is primarily due to the collection of percentage rents from
tenants of approximately $200,000 which was included in rents and other
receivables at December 31, 1996.

     The increase in escrow deposits and the corresponding increase in
accrued real estate taxes at March 31, 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 rental income for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996 is primarily due
to a decrease in occupancy and a decrease in recoverable operating expenses
at the Parkway City Mall.

     The decrease in interest income for the three months ended March 31,
1997 as compared to the three months ended March 31, 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 months ended
March 31, 1997 as compared to the three months ended March 31, 1996 is due
to a decrease in bad debt expense of approximately $54,000 and a decrease
in advertising expense of approximately $30,000, partially offset by an
increase in payroll expense of approximately $12,000 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%

</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: May 9, 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: May 9, 1997