| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|---|--------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Maryland                                 | 52-1328767                           |
|------------------------------------------|--------------------------------------|
| (State of Incorporation)                 | (I.R.S. Employer Identification No.) |
|                                     |                                 |
| 11200 Rockville Pike                     |                                 |
| Rockville, MD                            | 20852                                |
| (Address of Principal Executive Offices) | (ZIP Code)                           |

----

|      |                                                                   | Page   |
|-----------|------------------------------------------------------------------------|--------|
|      |                                                                   |   |
| Part I    | FINANCIAL INFORMATION                                                  |   |
|      |                                                                   |   |
| Item 1.   | Condensed Consolidated Financial Statements                            |   |
|      | Condensed Consolidated Balance Sheets                                  |   |
|      | - March 31, 2012 and December 31, 2011                                 | 1      |
|      | Condensed Consolidated Statements of Operations and Accumulated Losses |   |
|      | - for the three months ended March 31, 2012 and 2011                   | 2      |
|      | Condensed Consolidated Statements of Cash Flows                        |   |
|      | - for the three months ended March 31, 2012 and 2011                   | 3      |
|      | Notes to Condensed Consolidated Financial Statements                   |   |
|      | - March 31, 2012 and 2011                                              | 4      |
|      |                                                                   |   |
| Item 2.   | Management's Discussion and Analysis of Financial Condition            | 12     |
|      | and Results of Operations                                              |   |
|      |                                                                   |   |
| Item 4.   | Controls and Procedures                                                | 14     |
|      |                                                                   |   |
|      |                                                                   |   |
| Part II   | OTHER INFORMATION                                                      |   |
|      |                                                                   |   |
| Item 1.   | Legal Proceedings                                                      | 14     |
|      |                                                                   |   |
| Item 3.   | Defaults Upon Senior Securities                                        | 14     |
|      |                                                                   |   |
| Item 5.   | Other Information                                                      | 15     |
|      |                                                                   |   |
| Item 6.   | Exhibits                                                               | 15     |
|      |                                                                   |   |
| Signature |                                                                   | 16     |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|
| Item 1. | Financial Statements  |

|                                                                 |   | March 31, |       |   | December 31, |   |
|----------------------------------------------------------------------|--------|-----------|------------|--------|--------------|--------|
|                                                                 |   | 2012      |       |   | 2011         |   |
|                                                                 |   |      |       |   |         |   |
| Investments in partnerships                                          |   | $         | 1,225,675  |   |         | $      | 1,192,336 |   |
| Investment in partnerships held for sale or transfer                 |   |      | -          |   |         |   | 4,767,709 |   |
| Cash and cash equivalents                                            |   |      | 9,024,617  |   |         |   | 3,962,648 |   |
| Acquisition fees, principally paid to related parties,               |   |      |       |   |         |   |   |   |
| net of accumulated amortization of $52,754 and $52,268, respectively |   |      | 25,005     |   |         |   | 25,491 |   |
| Property purchase costs,                                             |   |      |       |   |         |   |   |   |
| net of accumulated amortization of $75,786 and $75,451, respectively |   |      | 17,306     |   |         |   | 17,641 |   |
|                                                                 |   |      |       |   |         |   |   |   |
| Total assets                                                         |   | $         | 10,292,603 |   |         | $      | 9,965,825 |   |
|                                                                 |   |      |       |   |         |   |   |   |
|                                                                 |   |      |       |   |         |   |   |   |

|                                    |   |   |        |   |   |   |
|-----------------------------------------|--------|--------|-------------|--------|--------|--------|
| Due on investments in partnerships      |   | $      | 1,340,000   |   |   | $      | 1,340,000 |   |
| Accrued interest payable                |   |   | 7,349,714   |   |   |   | 7,225,145 |   |
| Accounts payable and accrued expenses   |   |   | 119,556     |   |   |   | 206,365 |   |
|                                    |   |   |        |   |   |   |   |   |
| Total liabilities                       |   |   | 8,809,270   |   |   |   | 8,771,510 |   |
|                                    |   |   |        |   |   |   |   |   |
| Commitments and contingencies           |   |   |        |   |   |   |   |   |
|                                    |   |   |        |   |   |   |   |   |
| Partners' capital                       |   |   |        |   |   |   |   |   |
|                                    |   |   |        |   |   |   |   |   |
| Capital paid-in:                        |   |   |        |   |   |   |   |   |
| General Partners                        |   |   | 2,000       |   |   |   | 2,000 |   |
| Limited Partners                        |   |   | 73,501,500  |   |   |   | 73,501,500 |   |
|                                    |   |   |        |   |   |   |   |   |
|                                    |   |   | 73,503,500  |   |   |   | 73,503,500 |   |
|                                    |   |   |        |   |   |   |   |   |
| Less:                                   |   |   |        |   |   |   |   |   |
| Accumulated distributions to partners   |   |   | (23,219,810 | )      |   |   | (23,219,810 | ) |
| Offering costs                          |   |   | (7,562,894  | )      |   |   | (7,562,894 | ) |
| Accumulated losses                      |   |   | (41,237,463 | )      |   |   | (41,526,481 | ) |
|                                    |   |   |        |   |   |   |   |   |
| Total partners' capital                 |   |   | 1,483,333   |   |   |   | 1,194,315 |   |
|                                    |   |   |        |   |   |   |   |   |
| Total liabilities and partners' capital |   | $      | 10,292,603  |   |   | $      | 9,965,825 |   |
|                                    |   |   |        |   |   |   |   |   |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|
| Item 1. | Financial Statements  |

|                                                             |   | For the three months ended |        |
|------------------------------------------------------------------|--------|----------------------------|-------------|
|                                                             |   | March 31,                  |        |
|                                                             |   | 2012                       |        |   | 2011 |   |
|                                                             |   |                       |        |   |   |   |
| Share of income from partnerships                                |   | $                          | 630,393     |   |   | $ | 247,004 |   |
|                                                             |   |                       |        |   |   |   |   |   |
| Other revenue and expenses                                       |   |                       |        |   |   |   |   |   |
|                                                             |   |                       |        |   |   |   |   |   |
| Revenue:                                                         |   |                       |        |   |   |   |   |   |
| Interest                                                         |   |                       | 1,238       |   |   |   | 1,708 |   |
|                                                             |   |                       |        |   |   |   |   |   |
| Expenses:                                                        |   |                       |        |   |   |   |   |   |
| Interest                                                         |   |                       | 124,569     |   |   |   | 117,357 |   |
| Management fee                                                   |   |                       | 93,750      |   |   |   | 93,750 |   |
| General and administrative                                       |   |                       | 50,523      |   |   |   | 56,247 |   |
| State filing fee                                                 |   |                       | 300         |   |   |   | - |   |
| Professional fees                                                |   |                       | 72,650      |   |   |   | 115,136 |   |
| Amortization of deferred costs                                   |   |                       | 821         |   |   |   | 821 |   |
|                                                             |   |                       | 342,613     |   |   |   | 383,311 |   |
|                                                             |   |                       |        |   |   |   |   |   |
| Total other revenue and (expenses)                               |   |                       | (341,375    | ) |   |   | (381,603 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
|                                                             |   |                       |        |   |   |   |   |   |
| Net income (loss)                                                |   | $                          | 289,018     |   |   | $ | (134,599 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
| Accumulated losses, beginning of period                          |   |                       | (41,526,481 | ) |   |   | (43,008,158 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
| Accumulated losses, end of period                                |   | $                          | (41,237,463 | ) |   | $ | (43,222,757 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
|                                                             |   |                       |        |   |   |   |   |   |
|                                                             |   |                       |        |   |   |   |   |   |
| Net income (loss) allocated to General Partners (1.51%)          |   | $                          | 4,364       |   |   | $ | (2,032 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
| Net income (loss) allocated to Initial and                       |   |                       |        |   |   |   |   |   |
| Special Limited Partners (1.49%)                                 |   | $                          | 4,306       |   |   | $ | (2,006 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
| Net income (loss) allocated to Additional Limited Partners (97%) |   | $                          | 280,348     |   |   | $ | (130,561 | ) |
|                                                             |   |                       |        |   |   |   |   |   |
| Net income (loss) per unit of Additional Limited Partner         |   |                       |        |   |   |   |   |   |
| Interest based on 73,337 units outstanding                       |   | $                          | 3.82        |   |   | $ | (1.78 | ) |
|                                                             |   |                       |        |   |   |   |   |   |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|
| Item 1. | Financial Statements  |

|                                                         |   | For the three months ended |      |
|--------------------------------------------------------------|--------|----------------------------|-----------|
|                                                         |   | March 31,                  |      |
|                                                         |   | 2012                       |      |   | 2011 |   |
|                                                         |   |                       |      |   |   |   |
|                                                         |   |                       |      |   |   |   |
| Cash flows from operating activities:                        |   |                       |      |   |   |   |
| Net  income (loss)                                      |   | $                          | 289,018   |   |   | $ | (134,599 | ) |
|                                                         |   |                       |      |   |   |   |   |   |
| Adjustments to reconcile net income (loss) to net cash       |   |                       |      |   |   |   |   |   |
| used in operating activities:                                |   |                       |      |   |   |   |   |   |
| Share of income from partnerships                            |   |                       | (630,393  | ) |   |   | (247,004 | ) |
| Amortization of deferred costs                               |   |                       | 821       |   |   |   | 821 |   |
|                                                         |   |                       |      |   |   |   |   |   |
|                                                         |   |                       |      |   |   |   |   |   |
| Changes in assets and liabilities:                           |   |                       |      |   |   |   |   |   |
| Decrease in other assets                                |   |                       | -         |   |   |   | 794 |   |
| Decrease in accrued interest payable                         |   |                       | 124,569   |   |   |   | 117,357 |   |
| (Decrease) increase in accounts payable and accrued expenses |   |                       | (16,809   | ) |   |   | 7,369 |   |
|                                                         |   |                       |      |   |   |   |   |   |
| Net cash used in operating activities                        |   |                       | (232,794  | ) |   |   | (255,262 | ) |
|                                                         |   |                       |      |   |   |   |   |   |
| Cash flows from investing activities:                        |   |                       |      |   |   |   |   |   |
| Receipt of distributions from partnerships                   |   |                       | 5,364,763 |   |   |   | 113,081 |   |
| Disposition fee paid                                         |   |                       | (70,000   | ) |   |   | - |   |
|                                                         |   |                       |      |   |   |   |   |   |
| Net cash provided by investing activities                    |   |                       | 5,294,763 |   |   |   | 113,081 |   |
|                                                         |   |                       |      |   |   |   |   |   |
|                                                         |   |                       |      |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents         |   |                       | 5,061,969 |   |   |   | (142,181 | ) |
|                                                         |   |                       |      |   |   |   |   |   |
| Cash and cash equivalents, beginning of year                 |   |                       | 3,962,648 |   |   |   | 4,359,494 |   |
|                                                         |   |                       |      |   |   |   |   |   |
| Cash and cash equivalents, end of year                       |   | $                          | 9,024,617 |   |   | $ | 4,217,313 |   |

----

----

| PROPERTY         | CITY          | STATE | UNITS |
|------------------|---------------|-------|-------|
| Fairways         | Naperville    | IL    | 210   |
| Northridge Park  | Salinas       | CA    | 104   |
| Tradewinds       | Traverse City | MI    | 122   |
| Westport Village | Freeport      | IL    | 121   |

----

|                               |   | For the three months ended |    |
|------------------------------------|--------|----------------------------|---------|
|                               |   | March 31,                  |    |
|                               |   | 2012                       |    |   | 2011 |   |
|                               |   | Equity                     |    |   |   |   |   | Equity |   |   |   |   |
|                               |   | Method                     | (a)     |   | Suspended | (b) |   | Method | (c) |   | Suspended | (b) |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |
| Number of Local Partnerships       |   |                       | 1       |   |   |   | 3 |   |   |   | 2 |   |   |   | 3 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                           |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                             |   | $                          | 192,818 |   |   | $ | 1,047,540 |   |   | $ | 438,869 |   |   | $ | 987,252 |   |
| Other                              |   |                       | 32,721  |   |   |   | 52,825 |   |   |   | 31,966 |   |   |   | 57,078 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                      |   |                       | 225,539 |   |   |   | 1,100,365 |   |   |   | 470,835 |   |   |   | 1,044,330 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                          |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                          |   |                       | 160,773 |   |   |   | 593,592 |   |   |   | 287,214 |   |   |   | 605,017 |   |
| Interest                           |   |                       | --      |   |   |   | 156,185 |   |   |   | -- |   |   |   | 175,767 |   |
| Depreciation and amortization      |   |                       | 31,084  |   |   |   | 166,280 |   |   |   | 47,268 |   |   |   | 207,418 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                     |   |                       | 191,857 |   |   |   | 916,057 |   |   |   | 334,482 |   |   |   | 988,202 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                         |   | $                          | 33,682  |   |   | $ | 184,308 |   |   | $ | 136,353 |   |   | $ | 56,128 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                  |   | $                          | --      |   |   | $ | 597,054 |   |   | $ | -- |   |   | $ | 113,081 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded         |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| as income                          |   |                       | --      |   |   |   | 597,054 |   |   |   | -- |   |   |   | 113,081 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership's share of Local       |   |                       | 33,339  |   |   |   | -- |   |   |   | 33,339 |   |   |   | -- |   |
|    Partneship net income |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partneships   |   |  $630,393             |    |   |  $247,004 |   |
|                               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | (a) | Tradewinds                                 |
|--------|-----|--------------------------------------------|
|   | (b) | Fairway Park; Northridge; Westport Village |
|   | (c) | Mary Allen West Tower; Tradewinds          |

----

|   |                                                          |      | Accrued Interest |     |
|--------|---------------------------------------------------------------|-----------|------------------|----------|
|   |                                                          |      | as of            |     |
|   | Property                                                      | Principal | March 31, 2012   | Maturity |
|   | Westport Village (1)                                          | $840,000  | $3,079,125       | 09/01/99 |
|   |                                                          |
|   | (1)       In receivership. |

----

----

| Investments in partnerships at December 31, 2011: |   | $      | 1,192,336 |   |
|---------------------------------------------------|--------|--------|-----------|--------|
|                                              |   |   |      |   |
| Share of income from partnerships                 |   |   | 630,393   |   |
| Distribution from Local Partnership               |   |   | (597,054  | )      |
|                                              |   |   |      |   |
| Investments in partnerships at March 31, 2012:    |   | $      | 1,225,675 |   |

| Investments in partnerships held for sale |   |   |       |
|-------------------------------------------|--------|--------|------------|
| or transfer at December 31, 2011:         |   | $      | 4,767,709  |   |
|                                      |   |   |       |   |
| Distribution from Local Partnership       |   |   | (4,767,709 | ) |
|                                      |   |   |       |   |
| Investments in partnerships held for sale |   |   |       |   |
| or transfer at March 31, 2012:            |   | $      | --         |   |

----

| Tradewinds Terrace | 2012       | 2011       |
|--------------------|------------|------------|
| Total Assets       | $1,333,958 | $1,388,958 |
| Total Liabilities  | $97,945    | $284,719   |
| Revenue            | $225,538   | $217,539   |
| Net Income         | $33,682    | $30,019    |

----

----

| Part I.       | FINANCIAL INFORMATION                            |
|---------------|--------------------------------------------------|
| Item 2.  | Management's Discussion and Analysis             |
|          | of Financial Condition and Results of Operations |

----

| Part I. | FINANCIAL INFORMATION                                        |
|---------|--------------------------------------------------------------|
| Item 2. | Management's Discussion and Analysis                         |
|    | of Financial Condition and Results of Operations - Continued |

----

| Part I. | FINANCIAL INFORMATION   |
|---------|-------------------------|
| Item 4. | Controls and Procedures |

| Part II. | OTHER INFORMATION |
|----------|-------------------|
| Item 1.  | Legal Proceedings |

| Item 3. | Defaults upon Senior Securities |
|---------|---------------------------------|

----

| Part II. | OTHER INFORMATION |
|----------|-------------------|
| Item 5.  | Other Information |

| Item 6. | Exhibits |
|---------|----------|

| Exhibit No. |   | Description                                                                                                                                                                             |
|-------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1        |   | Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                 |
|        |   |                                                                                                                                                                                    |
| 31.2        |   | Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                 |
|        |   |                                                                                                                                                                                    |
| 32          |   | Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|        |   |                                                                                                                                                                                    |
| 99          |   | Press Release dated March 31, 2012.                                                                                                                                                     |

----

|               |   |   | CAPITAL REALTY INVESTORS-IV |
|--------------------|--------|--------|-----------------------------|
|               |   |   |                        | LIMITED PARTNERSHIP |
|               |   |   | (Registrant)                |
|               |   |   |                        |
|               |   |   |                        |
|               |   |   |                        |
|               |   |   |                        |
| September 26, 2012 |   |   | by:                         | /s/ H. William Willoughby |
| DATE               |   |   |                        | H. William Willoughby |
|               |   |   |                        | Director, President, Secretary, |
|               |   |   |                        | Principal Financial Officer and |
|               |   |   |                        | Principal Acount Officer |