<PAGE>
PAGE 1
                   SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, D.C.  20549
                               FORM 10-K

(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE            
    SECURITIES EXCHANGE ACT OF 1934
          For the fiscal year ended December 31, 1995.         
                                
                           OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
          For the fiscal year ended                     


                   COMMISSION FILE NUMBER 33-13375


                                 OF
                     IDS LIFE INSURANCE COMPANY
                                                                   
         (Exact name of registrant as specified in its charter)

               MINNESOTA                         41-0823832
                                                                
   (State or other jurisdiction of           (I.R.S. Employer
    incorporation or organization)            Identification No.)

      IDS TOWER 10, MINNEAPOLIS, MINNESOTA             55440-0010
                                                                    
    (Address of principal executive offices)           (Zip Code)


Registrant's telephone number, including area code   (612) 671-3309


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 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       

Indicate by check mark if disclosure of delinquent filers pursuant
to item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of the registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in part III of this form 10-K or any amendment to this
form 10-K:  Not applicable

Aggregate market value of the voting stock held by non-affiliates: 
Not applicable

Documents incorporated by reference:  Certain pages of the
Prospectus of Registrant included in Form S-1 (as amended), file
number 33-13375 to be filed April 1, 1996, are incorporated by
reference in Parts I and II of this Annual Report on Form 10-K.
<PAGE>
PAGE 2
               PART I

Item 1. BUSINESS

General

IDS Life Account RE (the Account) was established by a resolution
of the Board of Directors of IDS Life Insurance Company (IDS Life)
as a separate asset account, pursuant to Minnesota law.  The
Account was formed to make real estate related investments in
connection with the sale of individual deferred variable annuity
contracts (Contracts) offered by IDS Life.  The Account commenced
operations on August 7, 1987 when the annuity contracts were first
offered for sale to the public.  Effective May 1, 1995, the Account
discontinued new contract sales.  The Account holds assets that are
segregated from all of IDS Life's other assets and are not
chargeable with liabilities arising out of any other business of
IDS Life. 

The Account is not registered as an investment management company
under the Investment Company Act of 1940.  The Account is under the
control and management of the Board of Directors of IDS Life and
its officers.  The owners of the Contracts have no voting rights
with respect to the Account. 

IDS Life does not guarantee the investment performance of the
Account and is not responsible for the liabilities of the Account. 
However, IDS Life is responsible for the fulfillment of the terms
of each Contract, including payment of death benefits and the
guarantees of the minimum annuity purchase rates contained in the
Contracts. 

Investment Objective

The investment objectives of the Account previously were to provide
for payment of retirement income under the Contracts by seeking to:
(i) preserve and protect the Account's assets in real (i.e.,
inflation-adjusted) terms; (ii) provide for compounding of income
through reinvestment of cash flow from investments; and (iii)
provide for increases in income through capital appreciation of
real property investments and, to the extent available, through
participation in the capital appreciation, gross revenues or income
of the real properties subject to mortgage loans or land sale-
leasebacks.  There is no guarantee that the investment objectives
of the Account will be attained.  The assets of the Account have
been invested primarily in real estate related investments in
accordance with the diversification requirements regarding variable
annuities contained in Section 817(h) of the Internal Revenue Code
(the "Code"). 

The Account previously sought to have approximately 50 to 70
percent of the Account's assets invested in
income-producing real property investments such as office
buildings, shopping centers,  apartment complexes and other real
properties, with approximately 15 to 40 percent of the
Account's assets invested in mortgage loans and land 
sale-leaseback investments, which could include participation in <PAGE>
PAGE 3
the appreciation or the gross revenues or income of the real
properties that are subject to the mortgage loans or land sale-
leaseback investments.  The remaining portion of the Account's
assets generally were to be invested in short-term debt instruments
and intermediate term bonds with maturities of up to five years.  

The Account has experienced substantial net contract terminations
over the past several years, which have adversely affected its
liquidity and ability to acquire additional real estate related
investments.  As a result, the Account does not intend to acquire
additional real estate related investments.  Further, the Account
intends to liquidate the real estate related investments that it
currently holds when it becomes advantageous or necessary to do so.

IDS Life has purchased and expects to continue to purchase
accumulation units in order to maintain the Account's liquidity. 
IDS Life makes these payments so that no contract holder is
disadvantaged because sales of new contracts have been
discontinued.  These payments for accumulation units have been made
to enable the Account to pay off amounts borrowed under its line of
credit with IDS Life and as needed in order to fund all of the
Account's obligations under the contracts such as paying
surrenders.  By purchasing accumulation units, IDS Life has an
ownership interest in the Account and participates in the increase
or decrease in value of the Account's investments just as other
owners of accumulation units do.  IDS Life may realize a gain or
loss on its accumulation units when redeemed.

IDS Life currently expects to hold the accumulation units it
purchases until the surrender of all outstanding contracts or until
the Account's liquidity improves (through, for example, one or more
sales of real estate related investments) thereby permitting the
Account to satisfy its anticipated contract obligations.  Because
IDS Life may purchase a significant amount of accumulation units,
IDS Life may be subject to certain conflicts of interest it would
not otherwise have if it had not purchased such accumulation units,
including, among other things, a conflict in approving periodic
valuations of real estate related investments made by the
Investment Adviser, JMB Annuity Advisers.

Competition

As of December 31, 1995, IDS Life was aware of 3 other real estate
variable annuity products that have been registered with the
Securities and Exchange Commission and that are being offered for
sale by competitors.  These products differed from the Account  in
various features although their structure and investment objectives
were similar to the Account's prior to its termination of new
contract sales.  In addition, the Account competed against other
real estate investment funds and registered investment companies
including limited partnerships, real estate investment trusts, unit
investment trusts, pension and profit sharing trusts, corporations,
etc., all of which may or may not be offered for sale by commercial
and investment banks, realty corporations, insurance companies,
savings and loan associations, diversified financial service
companies, and other financial service intermediaries. 
<PAGE>
PAGE 4
The Account had been in competition for real property investments,
mortgage loans and land sale-leasebacks with numerous other
entities, as well as with individuals, corporations, real estate
investment trusts, real estate partnerships and other entities
engaged in real estate investment activities, including certain
affiliates of the JMB Annuity Advisers (the Investment Adviser) and
IDS Life.  The real properties that are the subject of the
Account's real estate related investments are in competition with
other real properties (including those in which the Investment
Adviser, IDS Life or their affiliates may have an interest) in the
areas in which they are located, particularly with respect to
obtaining new tenants and the retention of existing tenants.  Such
competition is based upon, among other things, effective rents
charged, services to tenants and the facilities available.

Employees

IDS Life Account RE does not directly employ any persons.  The
business of the Account is under the control and management of IDS 
Life's Board of Directors, its principal officers, and its
investment committee to the Account.  The Investment Adviser, an
affiliate of JMB Realty Corporation, provides investment selection,
management, disposition, and consulting services with respect to
the real estate related investments of the Account pursuant to an
investment advisory agreement. 

Item 2. PROPERTIES

Description of the Account's real estate related investments is
hereby incorporated herein by reference to pages 21 to 44 of the
Registrant's prospectus included in Form S-1 (as amended), File
number 33-13375 to be filed April 1, 1996, which pages are filed
herewith as Exhibit 99.2 to this report.


Item 3. LEGAL PROCEEDINGS

There are no material current or pending legal proceedings to which
the Registrant is a party, or to which the Registrant's assets are
subject. 


Item 4. SUBMISSIONS OF MATTERS TO VOTE OF SECURITY HOLDERS

Not applicable.
<PAGE>
PAGE 5
               PART II


Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
SECURITY HOLDERS MATTERS

The Contracts were offered for sale through the registered
representatives of IDS Life.  There is no established public
trading market for the Contracts.  In addition, the Contracts were
not bid for, but were sold at the Account's current accumulation
unit value.  A contract owner may elect to surrender all or part of
the Contract while the Contract is in force prior to the earlier of
the retirement date or the death of the first to die of the
annuitant or owner.  A description of surrenders, withdrawals and
transfers is hereby incorporated herein by reference to pages 62 to
63 under the heading "Contract Surrender" and 67 to 68 under the
headings "Suspension and Delay of Payments" and "Transfer of
Ownership" in the Registrant's prospectus included in Form S-1 (as
amended), File Number 33-13375, to be filed April 1, 1996, which
pages are filed herewith as Exhibit 99.1 to this report.  For the
year ended December 31, 1995, the high and low accumulation unit
values were $1.10 and $.99 per unit, respectively.  The number of
contract owners at December 31, 1995 was 1,260. 


Item 6. SELECTED FINANCIAL DATA



<TABLE>
<CAPTION>
                                                  Years ended December 31,                     

                                  1995          1994          1993          1992          1991
<S>                           <C>           <C>           <C>           <C>           <C>
Contract Purchase Payments
   (Terminations), Net        $ 2,291,255   $(5,184,527)  $(6,873,380)  $(6,257,432)  $  (575,134) 

Net Income (Loss)             $(2,378,521)  $  (946,390)  $ 1,816,417   $(5,761,830)  $   628,297

Total Contract Owners'
    Equity (A)                $35,906,465   $35,993,731   $42,124,648   $47,181,611   $59,200,873

Accumulation Units
    Outstanding (A)            36,353,929    34,238,180    39,000,431    45,475,432    51,202,112

Accumulation Unit
    Value                     $       .99   $      1.05   $      1.08   $      1.04   $      1.16



(A)  As of December 31, 1995, IDS Life's portion of the Total Contract Owners' Equity was $22,644,467
     (63%) and IDS Life owned 22,955,910 (63%) of the total Accumulation Units Outstanding.

/TABLE
<PAGE>
PAGE 6
Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

Financial Condition and Results of Operations

For the Year Ended December 31, 1995 Compared to the Year Ended
December 31, 1994 - 

Net assets decreased from $35,993,731 at December 31, 1994 to 
$35,906,465 at December 31, 1995.  During this same time period,
the accumulation unit value decreased from $1.05 to $.99.  The
Account experienced net sales amounting to $2,291,255 for the year
ended December 31, 1995 compared to net terminations of $5,184,527
for the year ended December 31, 1994.  The net sales for the year
ended December 31, 1995 include approximately $24,700,000 for
accumulation units purchased by IDS Life, which has been used to
repay principal and accrued interest on the Account's revolving
loan payable to IDS Life and to pay for contract surrenders, as
discussed more fully below.

Recorded net loss for the year ended December 31, 1995 was
$2,378,521 compared to $946,390 for the year ended 
December 31, 1994.

Interest income for the year ended December 31, 1995 primarily
represents income earned on the Account's investment in the
participation in a mortgage loan (Riverpoint Shopping Center). 
Income generated from participation in the mortgage loan remained
relatively unchanged compared to the corresponding period in 1994. 
Interest income for the year ended December 31, 1994 also included
interest earned on short-term investments of approximately $20,847. 
The Silo Electronic store (12,100 sq. ft.) at Riverpoint Shopping
Center vacated its space in the third quarter 1995, and the
borrower is pursuing its legal remedies regarding such unpaid
amounts.  The borrower has re-leased the space to a book store for
three months at a substantially lower rent.  The borrower
subsequently leased the space for five years with rent commencing
on July 1, 1996.  As a result of this vacancy, the borrower has
notified the lenders that it is experiencing financial difficulties
and has approached the lenders regarding a loan modification.  The
lenders and borrower have reached an agreement in principle to
defer payment of debt service for a certain period of time. 
However, there can be no assurance that such agreement will be
finalized under these terms or any others.  As of the date of this
report, certain escrow payments and participation interest are due
to the lenders; however, the borrower is current in its monthly
debt service payments.  

For the year ended December 31, 1995, the Account's recorded equity
in earnings of its unconsolidated joint ventures (N/S Associates,
Monmouth Associates and 1225 Connecticut) was $1,924,741, compared
to $2,094,682 for the year ended December 31, 1994.  The decrease
in earnings was primarily the result of N/S Associates' reduced
earnings as a result of lower rental income achieved at Northridge
Mall due to lower occupancy and higher interest expense
attributable to prepayment charges incurred in the first quarter of
1995 in connection with the repayment and refinancing of the<PAGE>
PAGE 7
mortgage loans on Northridge and Southridge Malls.  The decrease
was partially offset by the recognition in the first quarter of
1995 of income attributable to certain lease termination fees
received by N/S Associates in the prior quarter.  In addition,
during 1995 Monmouth Associates wrote off the receivable balance of
$3,576,000 primarily related to the accrued interest resulting from
the difference between the accrual and pay rates recorded prior to
April 1992, due to the uncertainty as to the collectibility of
these amounts.

In addition, the Account recorded rental income of $2,379,439 for
the year ended December 31, 1995 from its wholly-owned real estate
investment, West Springfield Terrace Apartments, compared to
$2,235,867 for the year ended December 31, 1994, primarily due to a
modest increase in effective rental rates.  Expenses related to the
wholly-owned real estate investment totaled $1,756,139 for the year
ended December 31, 1995 compared to $1,792,255 for the
corresponding period in 1994.

For the year ended December 31, 1995, the Account recognized net
unrealized depreciation of participation in mortgage loan of
$27,817, and net unrealized appreciation on its investment in
wholly-owned real estate property of $138,764 due to a reduction in
estimated capital expenditures to be required in future years at
the property, and net unrealized depreciation on its investment in
unconsolidated joint ventures of $3,999,782.  Approximately
$2,199,000, $1,748,000 and $53,000 of unrealized depreciation 
recognized by the Account was attributable to the Account's
investments in N/S Associates (Northridge Mall and Southridge
Mall), Monmouth Mall and 1225 Connecticut, respectively.  The
unrealized depreciation recognized is the result of reductions in
the estimated value of each of the investments.  The decrease in
estimated value for the investment in Northridge Mall is attributed
to poor sales, a number of tenant bankruptcies, lower occupancy and
the leasing challenges it faces as discussed below.  In addition,
the decrease in estimated value for the investment in Southridge
Mall is attributed to recent tenant bankruptcies and the amendment
of Kohl's lease as discussed below.  In addition, the trend of
recent bankruptcies and general market conditions for retailers
could have an adverse effect on both revenues and occupancy at both
Northridge and Southridge Malls in the future.  The decrease in
estimated value for the investment in Monmouth Mall is attributable
to lower sales, the slow lease up of renovated mall space, and the
uncertainty of Macy's renewing their operating covenant.  While
Macy's has an obligation to operate a retail store at this location
through the year 2005, their obligation to operate the store as a
Macy's Department Store expired in 1995.  The Macy's store
continues to operate at the Monmouth Mall.

For the year ended December 31, 1994, the Account recognized net
unrealized depreciation of investments in unconsolidated joint
ventures of approximately $2,362,000.  Approximately $217,000,
$751,000 and $1,428,000 of unrealized depreciation recognized by
the Account was attributable to the Account's investments in the
1225 Connecticut office building, Monmouth Mall and Northridge
Mall, respectively, partially offset by a slight amount of<PAGE>
PAGE 8
unrealized appreciation of approximately $34,000 in the Account's
investment in Southridge Mall for the year.

Federated Department Stores converted the Abraham & Straus store at
Monmouth Mall to a Stern's store in early 1995.  Monmouth
Associates may provide additional financing to the borrower/lessee
to pay future costs necessary for a long-term solution to replace
Abraham & Straus as a department store tenant at Monmouth Mall. 
The recognition of unrealized depreciation in 1994 for the
Account's investment in Monmouth Mall primarily reflected the
Account's estimated share of the financing expected to be needed in
the future to pay these costs.

The decrease in the estimated value of the investment in the 1225
Connecticut office building in 1994 was primarily attributable to a
reduction in the assumed long-term rental rate growth that could be
achieved for the property in future years.  The decrease in the
estimated value for the investment in the Northridge Mall in 1994
was primarily attributable to a reduction in anticipated leasing
activity and the expected rents to be achieved for the property. 
In general, in 1994, it was expected that the vacancy at Northridge
Mall would lease up more slowly and the rents obtained would be
lower than previously anticipated.

Northridge Mall continues to be adversely affected by the
perception that it is an unsafe place to shop.  This perception has
resulted in declining sales and occupancy over the past three
years.  Compounding the problem of declining sales are the high
operating costs for tenants at the mall due to high real estate
taxes.  Occupancy has also been affected by tenant bankruptcies
during 1993, 1994 and 1995.  As of December 31, 1995, occupancy of
the mall shops was approximately 86%, including temporary tenants
under short term leases.

To counter the negative perception of Northridge Mall, N/S
Associates has implemented certain capital improvements and
operational programs to improve the shopping center's safety and
appearance, as well as instituted certain marketing efforts to
enhance its image.  Certain positive sales trends appear to
indicate a modest improvement; however, elimination of the negative
perception is expected to take some time.  In addition, N/S
Associates is seeking to increase occupancy at the shopping center
by aggressively marketing space for new and renewal tenants through
leasing incentives, as well as continuing to cooperate with
existing tenants who need short-term rent reductions in order to
retain occupancy of their space.  Part of the leasing strategy
includes targeting certain well-recognized retailers as a group
that would become tenants at the shopping center.  It is expected
that the draw of this group of tenants would help the shopping
center gain leasing momentum and aid in future leasing efforts.

Kohl's Department Store, a successful tenant occupying
approximately 66,000 square feet of space at Southridge Mall, 
approached N/S Associates regarding an expansion of its tenant
space and a reduction in its overall leasing costs.  During the
third quarter of 1995, N/S Associates and Kohl's entered into an
amendment of its lease.  Pursuant to the lease amendment, the term
of Kohl's lease has been extended from 2001 until 2015 and the<PAGE>
PAGE 9
tenant space has been increased by approximately 19,000 square feet
to approximately 85,000 square feet, exclusive of storage space. 
Kohl's is required to pay annual base rent of $9.25 per square
foot, as well as one-half of its pro rata share for real estate
taxes and a fixed amount for common area maintenance expense. 
Kohl's is also obligated to pay as additional rent a percentage of
its gross receipts in excess of a minimum amount of annual sales to
be determined after the tenant has occupancy of the entire leased
space.  N/S Associates is responsible for paying the costs of
asbestos removal for the tenant space, which is estimated to be
approximately $1,250,000.  Kohl's is obligated to pay other costs
associated with the leased space, including tenant improvements and
lease buy-out and relocation costs, if any, of other tenants (one
of whose lease continues until 2001) that currently occupy a
portion of the expansion space.  The lease amendment also contains
an operating covenant pursuant to which Kohl's is obligated to
operate its retail store at Southridge Mall until 2005, subject to
earlier termination under certain circumstances.  Although the
lease amendment reduces Kohl's overall rent, the expansion of its
space and the extension of its lease term is expected to help
stabilize the shopping center on a long-term basis by ensuring
Kohl's continued occupancy and contribution to customer traffic. 
As of December 31, 1995, occupancy of Southridge Mall which is
owned by N/S Associates was approximately 97%, including temporary
tenants under short-term leases.

The Account paid asset management and mortality expense risk fees
of $1,086,516 and $1,268,164 for the years ended December 31, 1995
and 1994, respectively.  The decrease in fees is primarily due to
the payment of the incentive asset management fees of $137,299 paid
in 1994 to the Investment Adviser based upon the performance of the
Account's real property investments relative to the FRC Property
Index.  No incentive asset management fee was payable in 1995.


For the Year Ended December 31, 1994 Compared to the Year Ended
December 31, 1993 - 

Net assets decreased from $42,124,648 at December 31, 1993 to
$35,993,731 at December 31, 1994.  During this same time period,
the accumulation unit value decreased from $1.08 to $1.05.  The
Account experienced net terminations amounting to $5,184,527 for
the year ended December 31, 1994 compared to $6,873,380 for the
year ended December 31, 1993.

Net income (loss) for the year ended December 31, 1994 was
$(946,390) compared to $1,816,417 for the year ended December 31,
1993.  The difference was primarily due to the Account's
recognition of a greater amount of unrealized depreciation on its
investments in unconsolidated joint ventures during 1994 than
during 1993, as well as the recognition during 1993 of
approximately $481,000 of unrealized appreciation on its
participation in the mortgage loan and wholly-owned real estate
investment.  

Interest income represented income earned on the Account's
investment in short-term securities and the participation in a<PAGE>
PAGE 10
mortgage loan.  Interest generated from short-term investments
decreased to $20,847 from $161,348 for the years ended December 31,
1994 and 1993, respectively.  This decrease was due primarily to a
lower average amount invested in short-term securities.  Income
generated from participation in the mortgage loan for 1994 remained
relatively unchanged compared to that for 1993.

For the year ended December 31, 1994, the Account's equity in
earnings of its unconsolidated joint ventures (N/S Associates,
Monmouth Associates, and 1225 Connecticut) was $2,094,682, which
was a decrease from $2,097,089 for the year ended December 31,
1993.

In addition, the Account generated rental income of $2,235,867 for
the year ended December 31, 1994 from its wholly-owned real estate
investment, West Springfield Terrace Apartments, compared to
$2,251,285 for the year ended December 31, 1993.  Expenses related
to the wholly-owned real estate investment totaled $1,792,255 for
the year ended December 31, 1994 compared to $1,770,999 for the
corresponding period in 1993.

The Account paid total asset management and mortality expense risk
fees for the year ended December 31, 1994 of $1,268,164 compared to
$1,323,099 for 1993.  The decrease in fees reflects a decrease in
the assets of the Account which was partially offset by an increase
in performance fees paid in 1994.


Liquidity and Capital Resources

For the Year Ended December 31, 1995 Compared to the Year Ended
December 31, 1994 -

At December 31, 1995, the Account had cash of approximately
$587,000 as compared to approximately $205,000 at December 31,
1994. The Account financed a portion of the contract terminations
during the third and fourth quarters of 1995 through additional
investments made by IDS Life Insurance Company (IDS Life).  The
Account had experienced net contract terminations in 14 consecutive
quarters with net sales (including accumulation units purchased by
IDS Life) in the last three quarters.

The liquidity requirements of the Account have generally been met
by funds provided from the Account's short-term investments, cash
distributions from unconsolidated joint ventures, operating cash
flow, interest income, proceeds from sales of contracts, and
borrowings under the line of credit from IDS Life and purchases of
accumulation units by IDS Life discussed below.  The primary uses
of funds currently are expected to be for property operating
expenses, asset management and mortality and expense risk fees and
payments for contract terminations.

In March 1994, the Account obtained a revolving line of credit for
up to $10 million from IDS Life to pay for contract surrenders and
other obligations under the contracts.  In June 1995, the revolving
credit loan balance of $9,500,000 and accrued interest were repaid
as discussed below.<PAGE>
PAGE 11
Effective May 1, 1995, new contract sales of the Account were
discontinued.  Additional purchase payments continue to be accepted
for existing contracts in amounts specified in the Account's
prospectus, whether by means of the previously established bank
authorizations or otherwise.  Existing contracts also continue to
be serviced and surrender requests will be honored.  

IDS Life continues to purchase accumulation units in order to
maintain the Account and its liquidity.  IDS Life makes these
payments so that no contract holder is disadvantaged because sales
of new contracts have been discontinued.  The initial payments for
accumulation units that IDS Life made into the Account were used to
pay off the amount that the Account had borrowed under its
revolving line of credit.  IDS Life expects to continue to make
additional payments into the Account for accumulation units as
needed in order to fund all of the Account's obligations under the
contracts such as paying death benefits and contract terminations. 
As of December 31, 1995, IDS Life had purchased approximately
22,955,910 accumulation units.

By purchasing accumulation units, IDS Life has an ownership
interest in the Account.  Since IDS Life does not purchase a
contract, it is not subject to surrender charges.  However, IDS
Life, as holder of accumulation units, participates in the increase
or decrease in the value of the Account's investments just as other
owners of accumulation units do.  IDS Life may realize a gain or
loss on its accumulation units when redeemed.

IDS Life currently expects to hold the accumulation units it
purchases until the surrender of all outstanding contracts or until
the Account's liquidity improves (through, for example, one or more
sales of real estate related investments) thereby permitting the
Account to satisfy its anticipated contract obligations.  Because
IDS Life may purchase a significant amount of accumulation units,
IDS Life may be subject to certain conflicts of interest it would
not otherwise have if it had not purchased such accumulation units,
including, among other things, a conflict in approving periodic
valuations of real estate investments made by the Investment
Adviser.

Since the Account has experienced substantial net contract
terminations over the past several years, the Account does not
intend to acquire additional real estate related investments. 
Further, the Account intends to liquidate the real estate related
investments that it currently holds when it becomes advantageous or
necessary to do so.  To the extent funds of the Account are not
used to pay obligations of the Account, including those under
existing contracts, or the redemption of accumulation units
purchased by IDS Life, such funds will be invested in short-term
debt instruments and possibly intermediate-term bonds with
maturities of up to five years.

Through December 31, 1995, Monmouth Associates had funded
approximately $21,476,000 of the renovation loan for Monmouth Mall.
Fundings of principal on the loan have been made from cash reserves
held by Monmouth Associates, cash flow from interest and ground
rent payments received from the borrower/lessee and capital <PAGE>
PAGE 12
contributions made to Monmouth Associates by its partners pro rata
based upon their respective interests.  The aggregate amount of
capital contributions to finance the loan, including one made in
July 1995, is approximately $9,830,000.  The Account's share of
these capital contributions is approximately $685,000.  The
aggregate amount of the renovation loan, including accrued and
deferred interest, is currently expected to be approximately
$28,500,000.  Remaining fundings for the renovation loan are
expected to be made from cash flow and funds currently held by
Monmouth Associates.  Monmouth Associates may also be required to
make certain additional loans to pay a portion of the costs of
certain tenant improvements or other ordinary capital expenditures. 
In addition, Monmouth Associates may provide additional financing
to the borrower/lessee in order to pay costs to be incurred in
connection with the replacement of a department store tenant at
Monmouth Mall.  However, it is not currently expected that this
would occur during 1996.

The renovation is nearing completion with tenant improvement work
for one of the larger tenants and retainage work remaining.  The
occupancy of mall shops and outparcel space at the shopping center
as of December 31, 1995 was approximately 77 percent.  However, the
mall shops and outparcel space are approximately 86 percent leased,
including leases whose terms will commence after renovation of the
tenant space permits occupancy.

The Account has a loan outstanding in the principal amount of
approximately $7,770,000 as of December 31, 1995, secured by its
wholly-owned real estate investment, West Springfield Terrace
Apartments.  The loan has an original term of seven years and bears
interest at a rate of 9.5 percent per annum.  The loan requires
monthly payments of principal and interest aggregating $824,000 per
annum until November of 1996 when the remaining principal balance
of approximately $7,704,000 and any accrued and unpaid interest
will be due and payable.  The current budget for capital
expenditures during 1996 is approximately $207,000 for painting,
carpet replacement and other capital costs.

In February 1995, N/S Associates obtained a new mortgage loan
secured by Southridge Mall in the principal amount of $35,000,000. 
The new mortgage loan has a term of seven years, bears interest at
8.35 percent per annum and requires monthly payments of interest
only prior to maturity.  A portion of the proceeds from the new
mortgage loan was used to repay the two mortgage loans secured by
Northridge Mall as well as the mortgage loan previously secured by
Southridge Mall.  Remaining net proceeds from the refinancing have
been and will be used to pay tenant improvement and other capital
costs at Northridge and Southridge Malls.

N/S Associates currently expects that it will incur approximately
$4,369,000 in 1996 for tenant improvement, asbestos removal and
other capital items at Northridge and Southridge Malls.  Actual
amounts expended in 1996 may vary depending on a number of factors,
including actual leasing activity, results of property operations,
liquidity considerations and market conditions over the course of
the year.  N/S Associates undertakes asbestos removal from time to
time at portions of the Northridge and Southridge Malls as tenant
spaces are vacated and prior to occupancy by new tenants.  The cost<PAGE>
PAGE 13
of tenant improvements, asbestos removal and other capital items
generally will be provided out of cash flows from the properties. 
N/S Associates expended approximately $1,967,000 for tenant
improvements, asbestos removal and other capital projects in 1995.

At December 31, 1995, real property investments (through two
unconsolidated joint ventures, N/S Associates and 1225 Connecticut
and a wholly-owned property, West Springfield Terrace Apartments),
mortgage loan and land sale-leaseback investments (through an
unconsolidated joint venture, Monmouth Associates, and a
participation in the loan for Riverpoint Center) and short-term
investments represented 70.6 percent, 27.2 percent and 2.2 percent
of total assets, respectively.  At December 31, 1994, real property
investments, mortgage loan and land sale-leaseback investments and
short-term investments represented 72 percent, 27.3 percent and .7
percent of total assets, respectively.


For the Year Ended December 31, 1994 Compared to the Year Ended
December 31, 1993 -

At December 31, 1994, the Account had cash and investments in
short-term securities of approximately $205,000 as compared to
approximately $2,665,000 at December 31, 1993.  The decrease was
primarily attributable to net contract terminations during the year
ended December 31, 1994.  The Account financed a portion of the net
contract terminations during 1994 through borrowings under its line
of credit from IDS Life.  The Account had experienced net contract
terminations in each of the last 13 quarters.

The liquidity requirements of the Account were generally met by
funds provided from the Account's short-term investments, cash
distributions from unconsolidated joint ventures, operating cash
flow, interest income and proceeds from sales of contracts.  The
primary uses of funds were for property operating expenses, asset
management and mortality expense risk fees, payments for contract
terminations and contributions to pay the Account's share of the
financing of the Monmouth Mall renovation.

In March 1994, the Account obtained a revolving line of credit for
up to $10 million from IDS Life to pay for contract surrenders and
other obligations under the contracts.  The line of credit is for a
one-year term and is automatically renewed at each anniversary for
an additional one-year term subject to termination by one party
giving 30 days' prior written notice of termination to the other
party.  Outstanding borrowings under the line of credit bear
interest at a floating rate equal to the 30-day London Interbank
Offered Rate (LIBOR), adjusted on a monthly basis.  The line of
credit requires monthly payments of interest only until the earlier
of maturity or termination of the line of credit, when the entire
outstanding principal plus any accrued and unpaid interest on the
line of credit will be due and payable.

Outstanding principal may be repaid in whole or in part in
increments (or multiples) of $100,000, together with any accrued
and unpaid interest thereon, at any time without premium or
penalty.  Borrowings under the line of credit are generally
unsecured, although IDS Life has a right to set off against any<PAGE>
PAGE 14
deposits or credits of the Account held by IDS Life for outstanding
borrowings.  As of December 31, 1994, $2,100,000 was outstanding
under the line of credit.  The proceeds of these borrowings were
used to pay contract terminations.

The Account had a loan outstanding in the principal amount of
approximately $7,852,000 as of December 31, 1994, secured by its
wholly-owned real estate investment.  

At December 31, 1994, real property investments, mortgage loan and
land sale-leaseback investments and short-term investments
represented 72 percent, 27.3 percent and .7 percent of total
assets, respectively.  At December 31, 1993, real property
investments, mortgage loan and land sale-leaseback investments and
short-term investments represented 69 percent, 26 percent and 5
percent of total assets, respectively.<PAGE>
PAGE 15
Item 8. FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES

                       IDS LIFE ACCOUNT RE
                                of
                    IDS LIFE INSURANCE COMPANY

                              Index


Independent Auditors' Report
Balance Sheets, December 31, 1995 and 1994
Statements of Operations, years ended December 31, 1995, 1994 
 and 1993
Statements of Changes in Contract Owners' Equity, years ended
 December 31, 1995, 1994 and 1993
Statements of Cash Flows, years ended December 31, 1995, 1994 
 and 1993
Notes to Financial Statements
Participation in Mortgage Loan on Real Estate and Interest Earned
 on Participation in Mortgage - Schedule III
Real Estate Owned and Rental Income - Schedule IV

Schedules not Filed:
    All schedules other than those indicated in the index have been 
    omitted as the required information is inapplicable or the
    information is presented in financial statements or the related 
    notes. 



 N/S ASSOCIATES, MONMOUTH ASSOCIATES & 1225 INVESTMENT CORPORATION
                   UNCONSOLIDATED JOINT VENTURES
                               of
                       IDS LIFE ACCOUNT RE

                              Index


Independent Auditors' Report
Combined Balance Sheets, December 31, 1995 and 1994
Combined Statements of Operations, years ended December 31, 1995,
 1994 and 1993
Combined Statements of Partners' Capital Accounts, years ended
 December 31, 1995, 1994 and 1993
Combined Statements of Cash Flows, years ended December 31, 1995,
 1994 and 1993
Notes to Combined Financial Statements
Participation in Mortgage Loan on Real Estate and Interest Earned
 on Participation in Mortgage - Schedule III
Combined Real Estate Owned and Rental Income - Schedule IV

Schedules not Filed:
    All schedules other than those indicated in the index have been 
    omitted as the required information is inapplicable or the
    information is presented in financial statements or the related 
    notes. <PAGE>
PAGE 16
                        INDEPENDENT AUDITORS' REPORT



The Board of Directors of 
   IDS Life Insurance Company and
   Contract Owners of IDS Life Account RE:


We have audited the financial statements of IDS Life Account RE as
listed in the accompanying index.  In connection with our audits of
the financial statements, we also have audited the financial
statement schedules as listed in the accompanying index.  These
financial statements and financial statement schedules are the
responsibility of the management of IDS Life Insurance Company. 
Our responsibility is to express an opinion on these financial
statements and financial statement schedules based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of IDS
Life Account RE at December 31, 1995 and 1994 and the results of
its operations and its cash flows for each of the years in the
three-year period ended December 31, 1995 in conformity with
generally accepted accounting principles.  Also, in our opinion,
the related financial statement schedules, when considered in
relation to the basic financial statements taken as a whole,
present fairly, in all material respects, the information set forth
therein.



                                    KPMG Peat Marwick LLP


Minneapolis, Minnesota
March 22, 1996
<PAGE>
PAGE 17  
                           IDS LIFE ACCOUNT RE
                                   of
                        IDS LIFE INSURANCE COMPANY

                             BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                    December 31,   December 31,
                                                                        1995           1994
                                                                                               
    <S>                                                             <C>            <C>
    Assets:
     Cash                                                           $   586,729    $   204,859
     Receivable from IDS Life for contracts sold                        300,000          5,225
     Investments in unconsolidated joint ventures,
       at fair value (cost of $35,858,482 and
       $34,753,104 at December 31, 1995 
       and December 31, 1994, respectively) (Note 4)                 24,150,472     27,044,876
     Participation in mortgage loan, at fair
       value (cost of $3,047,188 at December 31, 1995 
       and December 31, 1994) (Note 4)                                2,966,206      2,994,023
     Accrued interest on participation in mortgage loan                  (5,400)            --
     Investment in wholly-owned real estate
      property (Note 5):
       Building, at fair value (cost of $14,174,329
         and $14,010,548 at December 31, 1995 and
         December 31, 1994, respectively)                            12,380,339     12,077,794
       Land, at fair value (cost of $3,915,263
         at December 31, 1995 and December 31, 1994)                  3,915,263      3,915,263
       Deferred borrowing costs, net of accumulated
         amortization of $157,577 and $131,726 at
         December 31, 1995 and December 31, 1994, respectively           23,879         49,730
     Other assets                                                        43,135         34,507
                          
         Total assets                                               $44,360,623    $46,326,277    


    Liabilities:
     Payable to IDS Life for:
       Operating expenses                                           $    76,619    $    58,400
       Contract terminations                                            271,318         10,139
       Revolving loan-principal                                              --      2,100,000
       Revolving loan-interest                                               --          9,224
     Accrued mortality and expense risk fee                              40,420         40,136
     Accrued asset management fee                                        50,525         50,171
     Liabilities related to wholly-owned
      real estate property (Note 5):
       Accounts payable and other liabilities                           244,937        212,197
       Mortgage payable                                               7,770,339      7,852,279 

        Total liabilities                                             8,454,158     10,332,546    


    Contract Owners' Equity:
     Net assets applicable to Variable Annuity 
       contracts in accumulation period                             $35,906,465    $35,993,731 

   
    Accumulation units outstanding                                   36,353,929     34,238,180

    Net asset value per accumulation unit                           $       .99    $      1.05    
    

    See accompanying notes to financial statements.  
<PAGE>
PAGE 18
                            IDS LIFE ACCOUNT RE
                                    of
                         IDS LIFE INSURANCE COMPANY

                          STATEMENTS OF OPERATIONS



                                                                For the years ended           

                                                     December 31,   December 31,   December 31,
                                                         1995           1994           1993    
                                                                                               
                                                     <C>
    Income (Note 4):
     Interest income                                 $   264,581    $    286,386   $   428,480
     Account's equity in earnings of 
       unconsolidated joint ventures                   1,924,741       2,094,682     2,097,089
     Rental income                                     2,379,439       2,235,867     2,251,285
     Unrealized (depreciation) appreciation of 
       participation in mortgage loan                    (27,817)         (1,577)      172,373
     Unrealized (depreciation) of investments
       in unconsolidated joint ventures               (3,999,782)     (2,361,701)     (188,079)
     Unrealized appreciation of investment in 
       wholly-owned real estate property                 138,764              --       308,240 

         Total income                                    679,926       2,253,657     5,069,388 

    
    Expenses (Note 3):
     Asset management fee                                603,620         765,557       773,849
     Mortality and expense risk fee                      482,896         502,607       549,250
     Professional services                                39,715          36,384        49,829
     Amortization of deferred organizational
       and borrowing costs                                25,851          25,852        25,922
     Salaries                                             28,218          34,091        37,980
     Revolving loan interest                              94,124          26,169            --
     Other operating expenses                             27,884          17,132        45,142
     Operating expenses related to wholly-owned 
      real estate property:
       Interest                                          741,811         749,268       756,051
       Utilities                                         153,416         194,543       139,974
       Repairs and maintenance                           219,829         144,472       177,047
       Property and other taxes                          186,440         200,243       197,478
       Salaries                                          181,540         216,137       243,220
       Management fees                                   118,983         112,234       112,765
       Other                                             154,120         175,358       144,464 

         Total expenses                                3,058,447       3,200,047     3,252,971 

    
    Net income (loss)                                $(2,378,521)   $   (946,390)  $ 1,816,417 

    


    See accompanying notes to financial statements. 
<PAGE>
PAGE 19

                            IDS LIFE ACCOUNT RE
                                    of
                         IDS LIFE INSURANCE COMPANY

               STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY





                                                                 For the years ended            

                                                      December 31,  December 31,   December 31,
                                                          1995          1994           1993
                                                                                                

    Net income (loss)                                $ (2,378,521)  $   (946,390)  $  1,816,417
    Contract purchase proceeds                         24,922,267      1,452,798      1,766,368
    Contract termination payments                     (22,631,012)    (6,637,325)    (8,639,748)
    
    Decrease in net assets                                (87,266)    (6,130,917)    (5,056,963)
    
    Contract owners' equity at 
      beginning of year                                35,993,731     42,124,648     47,181,611  
   
    Contract owners' equity at end of year           $ 35,906,465   $ 35,993,731   $ 42,124,648 
    
    
    
    
    
    Accumulation Unit Activity
    
      Units purchased with proceeds from sale
        of contracts                                   23,170,080      1,334,632      1,661,478
      Units redeemed for contract terminations        (21,054,331)    (6,096,883)    (8,136,479)
    
      Net increase (decrease) in units                  2,115,749     (4,762,251)    (6,475,001)
    
      Units outstanding at beginning of year           34,238,180     39,000,431     45,475,432 
    
      Units outstanding at end of year                 36,353,929     34,238,180     39,000,431 
    
    

    See accompanying notes to financial statements.
<PAGE>
PAGE 20
                              IDS LIFE ACCOUNT RE
                                      of
                           IDS LIFE INSURANCE COMPANY

                            STATEMENTS OF CASH FLOWS


                                                                For the years ended         

                                                      December 31,   December 31,   December 31,
                                                          1995           1994           1993
                                                                                                

    Cash flows from operating activities:
     Net Income (loss)                               $ (2,378,521)  $  (946,390)   $  1,816,417
     Adjustments to reconcile net income (loss) to 
     net cash used in operating activities:
       Account's equity in earnings of
         unconsolidated joint ventures                 (1,924,741)    (2,094,682)    (2,097,089)
       Change in accrued interest on participation
         in mortgage loan                                   5,400             --         21,977
       Amortization of organizational & borrowing costs    25,851         25,852         25,922
       Change in cumulative discount amortization 
         on short-term investments                             --         12,590         94,160
       Change in unrealized depreciation of investments
         in unconsolidated joint ventures               3,999,782      2,361,701        188,079
       Change in unrealized depreciation (appreciation) 
         of participation in mortgage loan                 27,817          1,577       (172,373)
       Change in unrealized (appreciation)  
         depreciation of investment in wholly-owned 
         real estate property                            (138,764)            --       (308,240)
       Change in other assets                              (8,628)         1,505         67,708
       Change in payable to IDS Life-operating expenses    18,219         (3,889)        (5,746)
       Change in accrued mortality and expense risk fees      284         (4,531)        (5,803)
       Change in accrued asset management fees                354         (5,663)        (7,253)
       Change in payables and other liabilities related
         to wholly-owned real estate property              32,740         49,580         (3,795)
       Change in payable to IDS Life for revolving 
         loan interest                                     (9,224)         9,224             -- 
           Total adjustments to net income (loss)       2,029,090        353,264     (2,202,453)           
           Net cash used in operating activities         (349,431)      (593,126)      (386,036)
    
    Cash flows from investing activities:
     Net sales (purchases) of short-term securities            --      2,481,059      5,459,869
     Capital improvements to wholly-owned real estate    (163,781)      (110,874)       (24,825)
     Distributions received from joint ventures         1,504,514      1,457,190      1,745,340 
           Net cash provided by investing activities    1,340,733      3,827,375      7,180,384
    
    Cash flows from financing activities:
     Proceeds from sales of contracts                  24,627,492      1,448,173      1,777,709
     Payments for contract terminations               (22,369,833)    (6,674,263)    (8,654,423)
     Decrease in mortgage payable                         (81,940)       (74,542)       (67,812)
     Change in payable to IDS Life for revolving loan  (2,100,000)     2,100,000             --
     Contributions to Monmouth renovation                (685,151)            --             -- 
           Net cash used in financing activities         (609,432)    (3,200,632)    (6,944,526)
    Net increase (decrease) in cash                       381,870         33,617       (150,178)
    Balance of cash at beginning of year                  204,859        171,242        321,420 
    Balance of cash at end of year                   $    586,729   $    204,859   $    171,242 
    
    
    Supplemental cash flow disclosure:
     Cash paid for mortgage and revolving 
      loan interest                                  $    835,935   $    775,437   $    756,051 
    



    See accompanying notes to financial statements.  

  
</TABLE>    
<PAGE>
PAGE 21
                      IDS LIFE ACCOUNT RE
                              of
                   IDS LIFE INSURANCE COMPANY

                       December 31, 1995

                  NOTES TO FINANCIAL STATEMENTS

1. Organization

   IDS Life Account RE (the Account) is a segregated asset account
   of IDS Life Insurance Company (IDS Life) under Minnesota law.
   A registration statement under the Securities Act of 1933
   relative to the deferred variable  annuity contracts (the
   Contracts) issued by the Account became effective on August 6,
   1987.  Effective May 1, 1995, the Account discontinued new
   contract sales.  The assets of the Account are held for the
   exclusive benefit of contract owners and are not chargeable with
   liabilities arising out of any other business conducted by
   IDS Life.

2. Summary of Significant Accounting Policies

   The accompanying financial statements have been prepared on the
   accrual basis of accounting.  Significant accounting policies
   followed by the Account are summarized below. 

   Investments in Securities
   Investments in short-term securities maturing more than 60 days
   from the valuation date are valued at the market price or
   approximate fair value based on current interest rates; those
   maturing in 60 days or less are valued at amortized cost. The
   Account also may invest in intermediate-term bonds with
   maturities of up to five years which are valued at fair value  
   as determined by reference to market quotations, market
   indices, matrices and data from independent brokers. 

   Security transactions are accounted for on the date securities
   are purchased or sold.  Interest income, including amortization
   of premium and discount, is accrued daily. 

   Consolidation and Unconsolidated Joint Ventures
   The Account's policy is to consolidate the underlying assets,
   liabilities and operations of property investments where 50
   percent or greater ownership position is maintained.
   Investments in unconsolidated joint ventures with less than 50
   percent ownership interest are accounted for on the equity
   method of accounting.

   Investments in Real Property, Mortgage Loans and
     Land/Sale-Leasebacks
   The Account initially values real estate related investments
   at their cost (including acquisition or mortgage placement fees
   and other acquisition or placement expenses) unless
   circumstances otherwise indicate that a different value should
   be used.  Subsequently, the value of these investments will be
   periodically determined by JMB Annuity Advisers (the Investment<PAGE>
PAGE 22
   Adviser).  Procedures utilized to determine the estimated value
   include the following: (i) at the time of purchase and once
   every two years thereafter, each real property investment and
   each real property underlying a participating mortgage loan or
   land sale-leaseback investment will be appraised by an
   independent appraiser or an existing appraisal will be updated,
   (ii) various assumptions including, but not limited to,
   occupancy and  rental rates, expense levels, net operating
   income, average capital costs and capitalization rates upon sale
   will be used in determining the discounted present value of an
   investment's estimated cash flow and its estimated sale proceeds
   or its asset value under a direct capitalization methodology,
   and (iii) for fixed interest rate mortgage loans and fixed
   rental rate land sale-leaseback investments, estimated values
   will be determined by comparison to current interest rates on
   U.S. Treasury debt as adjusted for a risk differential of the
   Account's investments.  The relative weight to be given to a
   particular methodology or other relevant factors in determining
   the estimated asset value of a particular real property will
   depend upon an assessment of the existing and anticipated market
   conditions and property specific factors relevant to such real
   property.  There is no assurance that the assumptions, estimates
   and methodologies used in valuing the Account's real estate
   related investments will in fact prove accurate or that such
   values would in fact be realized.  Such estimates involve
   subjective judgments as the actual price of real estate can only
   be determined between independent third parties in sales
   transactions.  In addition, any expenses that may be borne by
   the Account in connection with the disposition of a real estate
   related investment are not deducted in determining its 
   estimated value.

   Because the Account values its real property investments at
   estimated fair values, no provision for depreciation expense is
   recorded. 

   Each day the Account will record estimated income and expenses
   attributable to real estate related assets.  Periodically,
   adjustments to reflect the difference between estimated and
   actual income and expenses will be made.

   Federal Income Taxes
   IDS Life is taxed as a life insurance company.  The Account is
   treated as part of IDS Life for federal income tax purposes. 
   Under existing federal income tax law, no income taxes are
   payable with respect to any income of the Account. 

   Use of Estimates
   The preparation of financial statements in conformity with 
   generally accepted accounting principles requires management to
   make estimates and assumptions that affect the reported amounts
   of assets and liabilities and disclosure of contingent assets
   and liabilities at the date of the financial statements and the
   reported results of operations during the period.  Actual
   results could differ from those estimates.
<PAGE>
PAGE 23
3. Fees and Expenses

   The Account pays a mortality and expense risk fee to IDS Life
   which is accrued daily and is equal, on an annual basis, to 1.00
   percent of the average daily asset value, as defined, of the
   Account.  The mortality risk is IDS Life's guarantee to make
   retirement payments according to the terms of the Contract, no
   matter how long annuitants live.  The expense risk portion of
   the fee is paid to IDS Life for its guarantee that the various
   fees paid by the Account to IDS Life will not be increased in
   the future. For the years ended December 31, 1995, 1994 and
   1993, the Account paid IDS Life a mortality and expense risk fee
   of $482,896, $502,607 and $549,250, respectively.

   The Account also pays IDS Life an asset management fee equal, on
   an annual basis, to 1.25 percent of the average daily asset
   value, as defined, of the Account.  A portion of this fee, equal
   to 0.95 percent of the average daily asset value, is paid by IDS
   Life to the Investment Adviser. The total fee may be adjusted
   upward to a maximum of 1.50 percent depending upon the
   performance of the Account's real property investments as
   measured against the FRC Property Index.  The 
   performance-related portion of the fee is calculated and
   recorded on an annual basis when the FRC Property Index is
   released each year for the preceding calendar year.  No
   performance fee was paid by the Account in 1995 for 1994.  The 
   performance fee paid by the Account in 1994 for 1993 was
   $137,299.  The performance fee paid by the Account in
   1993 for 1992 was $87,287.  Any performance fee adjustment will
   be paid to the Investment Adviser.  For the years ended
   December 31, 1995, 1994 and 1993, the Account paid total asset
   management fees of $603,620, $765,557 and $773,849,
   respectively.

   IDS Life receives from the Account an acquisition and
   mortgage placement fee equal to 3.75 percent of the total cash
   to be paid or advanced by the Account (net of any borrowings in
   the case of real property investments) in connection with each
   real property investment, mortgage loan or land sale-leaseback
   investment made by the Account.  A portion of this fee, equal to
   3.50 percent, is paid to the Investment Adviser in  
   consideration for its services in connection with the
   acquisition or placement of real estate related investments of
   the Account.  No acquisition and mortgage placement fees were
   paid in 1995, 1994 or 1993.

   The Account pays for all operational expenses incurred on its
   behalf.  For the years ended December 31, 1995, 1994 and 1993,
   IDS Life was reimbursed $56,102, $51,223 and $83,122,
   respectively, for personnel-related expenses incurred in the
   administration of the Account.

4. Investments in Unconsolidated Joint Venture Partnerships and
   Participation in Mortgage Loan

   Joint Venture Partnership - N/S Associates

   IDS Life, on behalf of the Account, entered into a joint venture
   partnership called N/S Associates, which on April 4, 1988<PAGE>
PAGE 24
   acquired interests in two enclosed super regional shopping malls
   that are described below. 

   The terms of N/S Associates' partnership agreement provide that
   its annual net cash flows and net sales or refinancing proceeds
   generally will be distributed among all of the partners in
   accordance with their respective percentage ownership interests
   in N/S Associates. 

   The Account contributed approximately $12,008,000 to N/S
   Associates as its capital contribution.  The percentage interest
   of the Account in N/S Associates is 5.92 percent.  In connection
   with the purchase of the shopping malls, the Account paid to IDS
   Life and the Investment Adviser their respective portions of the
   acquisition fee amounting to approximately $450,000.

   Summary of Real Estate Investments Made Through N/S Associates

   Milwaukee, Wisconsin - Northridge Mall

   The Account, through N/S Associates, owns an interest in an
   existing enclosed super regional shopping center in Milwaukee,
   Wisconsin, known as Northridge Mall.  The mall shops and four
   adjacent department stores comprising the shopping center
   contain approximately 1,053,000 square feet of gross leasable
   area, of which N/S Associates owns approximately 399,000 square
   feet consisting of mall shops (approximately 388,000 square 
   feet) and storage space (approximately 11,000 square feet).  
   The remaining 654,000 square feet of gross leasable area are
   occupied by four department stores, three of which own their own
   stores and a portion of the parking area.  The fourth department
   store leases its space from an unaffiliated third party.

   N/S Associates acquired its interest in the shopping center in
   April 1988 for a purchase price of approximately $108,107,000,
   of which $89,653,000 was paid in cash at closing, subject to the
   existing mortgage loans with a then outstanding aggregate
   balance of  approximately $18,454,000.  In addition to the
   purchase price, a reserve of $8,900,000 was established, all of
   which had been used to pay for certain capital improvements made
   at the shopping center.  In February 1995, the two mortgage
   loans secured by the property were repaid with a portion of the
   proceeds from the refinancing of the Southridge Mall mortgage
   loan.

   The shopping center is being managed by an affiliate of the
   Investment Adviser under a management agreement.  The affiliate
   of the Investment Adviser receives an annual fee equal to 3.75
   percent of the gross receipts of the property plus reimbursement
   of certain direct expenses in connection with the property
   management. 

   Greendale, Wisconsin - Southridge Mall

   The Account, through N/S Associates, owns an interest in an
   existing enclosed super regional shopping center in Greendale,
   Wisconsin, known as Southridge Mall.  The mall shops and five
   adjacent department stores comprising the shopping center
<PAGE>
PAGE 25
   contain approximately 1,297,000 square feet of gross leasable
   area, of which N/S Associates owns approximately 437,000 square
   feet, including the space leased to one of the department
   stores.  The remaining 860,000 square feet of gross leasable
   area are occupied by four other department stores, three of
   which own their own stores and a portion of the parking area. 
   The fourth department store leases its space from an
   unaffiliated third party.

   N/S Associates acquired its interest in the shopping center for
   a purchase price of approximately $115,401,000, of which
   $96,865,000 was paid in cash at closing.  In addition to the
   purchase price, a reserve of approximately $7,250,000 was
   established for capital improvements, all of which had been
   used to pay for certain capital improvements made at the
   shopping center.  In February 1995, the mortgage loan secured by
   the property was repaid with a portion of the proceeds from a
   new mortgage loan in the principal amount of $35,000,000.  The
   new mortgage loan has a term of seven years, bears interest at
   8.35 percent per annum and requires monthly payments of interest
   only prior to maturity.  Proceeds from the new mortgage loan
   were also used to repay the two mortgage loans secured by
   Northridge Mall.  The remaining net proceeds from the new loan
   were used to pay approximately $2,900,000 of tenant improvement
   and other capital costs incurred for Northridge and Southridge
   Malls.

   The shopping center is being managed by an affiliate of the
   Investment Adviser under a management agreement.  The affiliate
   of the Investment Adviser receives an annual fee equal to
   3.75 percent of the gross receipts of the property plus
   reimbursement of certain  direct expenses in connection with the
   property management.

   Joint Venture Partnership - Monmouth Associates

   IDS Life, on behalf of the Account, entered into a joint venture
   partnership called Monmouth Associates, which on October 27,
   1988 (i) acquired certain land underlying a super regional
   shopping center in Eatontown, New Jersey known as Monmouth Mall,
   (ii) leased the land to the owner of the shopping center
   pursuant to a long-term ground lease, and (iii) executed a first
   leasehold mortgage loan to the owner of the shopping center
   secured by the leasehold real estate and the improvements
   thereon as more fully described below.  The owner of the
   shopping center (the Borrower/Lessee) is a partnership whose
   partners are not affiliated with Monmouth Associates.

   The terms of Monmouth Associates' partnership agreement provide
   that its annual net cash flows and net sales or refinancing
   proceeds generally will be distributed among all of the partners
   in accordance with their respective percentage interests in
   Monmouth Associates.  The Account contributed approximately
   $10,000,000 to Monmouth Associates as its initial capital
   contribution.  The Account has made additional capital
   contributions of approximately $685,000.  The percentage
   interest of the Account in Monmouth Associates is 6.97 percent.<PAGE>
PAGE 26
   In connection with the investment, the Account paid to IDS Life
   and the Investment Adviser their respective portions of the
   acquisition and mortgage placement fee amounting to
   approximately $375,000.

   Summary of Real Estate Investment Made Through Monmouth
   Associates

   Eatontown, New Jersey - Monmouth Mall

   The Account, through Monmouth Associates, acquired an interest
   in the land underlying a shopping center in Eatontown,
   New Jersey known as Monmouth Mall.  The mall is located on
   approximately 90 acres of land, of which Monmouth Associates
   owns approximately 88.5 acres, subject to the rights of one of
   the department store tenants to acquire the land underlying its
   store and the improvements thereon for nominal consideration. 
   The remaining acres are owned by 2 department stores.  Monmouth
   Associates acquired its interest in the land for a purchase
   price of approximately $13,000,000. 

   Monmouth Associates entered into an agreement whereby the land
   underlying the mall is leased back to the Borrower/Lessee under
   a long-term ground lease.  The long-term ground lease, which has
   a term of 75 years, provides for monthly base rent aggregating
   $1,170,000 annually with minimum payments of $650,000.  The
   long-term ground lease also provides for contingent rent,
   payable quarterly out of the excess, if any, of substantially
   all of the gross receipts from the shopping center received by
   the Borrower/Lessee over certain base amounts, equal to the sum
   of (x) a specified annual amount (commencing in the fourth lease
   year at  $390,000 per annum and increasing in the sixth lease
   year to $520,000 per annum), increased until paid at the
   "applicable rate" of interest payable under the first leasehold
   mortgage loan described below (such amount as so increased
   herein called the "rent shortfall amount"), plus (y) 15 percent
   of the balance of such excess gross receipts remaining after
   deducting the aggregate amount paid at such time of the rent
   shortfall amount under the long-term ground lease and the
   "interest shortfall amount" under the first leasehold mortgage
   loan as described below.

   In addition, Monmouth Associates made a first leasehold
   participating mortgage loan in the original principal amount of
   $128,920,000 to the Borrower/Lessee which is secured by the
   leasehold real estate and the improvements thereon.  The current
   loan amount is $127,670,000.  The loan has a term of 15 years,
   which may be extended from time to time at the option of
   Monmouth Associates for up to an additional 20 years.  The loan
   provides for monthly payments of base interest at a base rate of
   approximately 5.98 percent per annum for the first two loan
   years, approximately 7.97 percent per annum for the third loan
   year and approximately 5.00 percent per annum for each loan year
   thereafter. The first leasehold mortgage also provides for
   quarterly payments of contingent interest, payable out of the
   excess, if any, of substantially all of the gross receipts from<PAGE>
PAGE 27
   the shopping center received by the Borrower/Lessee over certain
   base amounts, equal to the sum of (x) the difference between the
   amount of interest payable on the loan at the "applicable rate"
   and that payable at the base rate described above, increased
   until paid at the applicable rate (such amount as so increased
   herein called the "interest shortfall amount"), plus (y) 45
   percent of the balance of such excess gross receipts remaining
   after deducting the aggregate amount paid at such time of the
   rent shortfall amount under the ground lease and the interest
   shortfall amount under the first leasehold mortgage loan.  The
   "applicable rate" under the loan is  5.98 percent per annum for
   the first two loan years, 7.97 percent per annum for the next
   three loan years and 8.97 percent per annum for each loan year
   thereafter.  In addition, upon a joint sale or refinancing of
   the land and improvements or at maturity of the leasehold
   mortgage loan, Monmouth Associates is entitled to receive
   certain participations in the proceeds from such sale or
   refinancing after payment of its investment in the land and/or
   repayment of the principal amount of the leasehold mortgage
   loan.  For financial reporting purposes, Monmouth Associates
   discontinued the accrual of contingent interest on the leasehold
   mortgage loan in April 1992 as a result of uncertainty as to the
   collectibility of such contingent interest in light of the
   previous decrease in the estimated value of Monmouth Mall.  In
   addition, for financial reporting purposes, no contingent rent
   was accrued under the ground lease for 1995, 1994 or 1993.  In
   1995, Monmouth Associates wrote off the receivable balance of 
   $3,576,000 primarily related to the accrued interest resulting
   from the difference between the accrual and pay rates
   ("contingent interest") recorded prior to 1992, due to the
   uncertainty as to the collectibility of these amounts.

   Monmouth Associates is obligated to make certain additional
   loans to the Borrower/Lessee under certain circumstances to
   finance the cost of 60 percent of tenant improvements or other
   ordinary capital expenditures.  In addition, in May 1994,
   Monmouth Associates made a loan to finance the cost of a
   renovation of the shopping center, which commenced during the
   third quarter of 1994. The renovation consists of, among other
   things, the addition of a food court and cinema and the 
   re-merchandising of approximately 300,000 square feet of gross
   leasable area.  The renovation loan from Monmouth Associates
   bears interest at a fixed interest rate of 10.5 percent per
   annum.  In addition, Monmouth Associates' participation in
   certain levels of sale or refinancing proceeds from the property
   will be increased until Monmouth Associates has received
   aggregate payments equal to an internal rate of return of 11
   percent per annum on its investments in the land and/or the
   first leasehold mortgage loan.  The maximum amount of the
   renovation loan is $29,100,000, and the cost of the renovation
   is currently estimated to be $28,500,000.  As of December 31,
   1995, Monmouth Associates had funded approximately $21,476,000,
   using its cash reserves, cash flow and additional capital
   contributions made pro rata based upon the respective interests
   of the joint venture partners in Monmouth Associates.  The
   renovation loan requires monthly payments of interest only until<PAGE>
PAGE 28
   maturity when the entire principal amount and any accrued and
   unpaid interest will be due.  The renovation loan will mature
   contemporaneously with the first leasehold mortgage loan in
   October 2003, subject to acceleration or extension of the loan
   by Monmouth Associates under certain circumstances.

   Joint Venture - 1225 Connecticut Avenue, N.W.

   Washington, D.C. - 1225 Connecticut Avenue, N.W.

   In May 1990, IDS Life, on behalf of the Account, acquired an
   interest in a newly formed Delaware corporation, 1225 Investment
   Corporation (the Corporation) owned jointly with certain other
   persons described  below.  The Corporation acquired an office
   building located in Washington, D.C. known as 1225 Connecticut
   Avenue, N.W. (1225 Connecticut).

   The office building, which was completed in 1968, is an 
   eight-story reinforced concrete frame building containing
   184,432 square feet of rentable office space, 18,498 square feet
   of rentable retail space, 6,416 square feet of below grade
   storage space and 100,024 square feet of subsurface parking
   space for over 300 automobiles.

   The Corporation has elected to qualify as a real estate
   investment trust (REIT) pursuant to sections 856 through 860 of
   the Internal Revenue Code of 1986, as amended (the Code).  For
   each taxable year that the Corporation qualifies as a REIT, the
   Corporation in general will not be subject to federal corporate
   income tax or the District of Columbia corporate franchise tax
   on its regular taxable income and will not be taxed on long-term
   capital gain income to the extent its income is distributed as
   dividends.  If the Corporation were to fail to qualify as a
   REIT, it would be taxed at rates applicable to a corporation on
   its taxable income, whether or not distributed.

   The Account owns approximately 16.3 percent of the outstanding
   shares of common stock of the Corporation.   Certain of the
   outstanding shares of common stock of the Corporation not owned
   by the Account are owned by an affiliate of the Investment
   Adviser.
 
   The Corporation purchased 1225 Connecticut from the seller for a
   purchase price of approximately $54,125,000 (net of prorations
   and miscellaneous closing costs), consisting of $51,425,000 paid 
   in cash and assumption of approximately $2,700,000 of mortgage   
   indebtedness then encumbering the property.  The Corporation     
   paid approximately $2,130,000 for real estate brokerage          
   commissions to an independent third party and certain closing    
   costs.  The Account contributed $9,000,000 for its interest in   
   the Corporation.  The Account has also paid acquisition fees     
   amounting to $337,500.

   In January 1994, the Corporation refinanced its mortgage loan
   with a first mortgage loan in the principal amount of $7,000,000
   bearing interest at 6.98 percent per annum.  The new loan<PAGE>
PAGE 29
   requires monthly payments of interest only aggregating $488,600
   per annum until maturity in February 2001 when the principal
   amount together with accrued interest will be due and payable. 
   Under certain circumstances, the principal amount of the loan
   may be prepaid in whole (but not in part), subject to a
   prepayment premium. Pursuant to the deed of trust securing the
   mortgage loan, the Corporation is prohibited from modifying
   Ernst & Young's primary lease or from entering into certain
   other tenant leases without the lender's consent.  Prior to
   selling the property or encumbering the property with any
   additional debt, the Corporation must obtain the consent of the
   lender, which may be arbitrarily withheld.  However, subject to
   certain restrictions, the Corporation has a one-time right to
   transfer title to the property together with an assumption of
   the mortgage loan.

   The property is being managed under an agreement pursuant to
   which the manager is obligated to manage 1225 Connecticut,
   collect all of the receipts from operations and, to the extent
   available from such receipts, pay all of the expenses of 1225
   Connecticut.  The manager is paid a fee equal to 2.5 percent of
   the gross revenues of 1225 Connecticut, plus reimbursement for
   certain direct expenses of the manager.   The property had
   previously been managed by JMB Properties Company, an affiliate
   of the Investment Adviser.  In December 1994, JMB Properties
   Company sold substantially all of its assets to an unaffiliated
   third party, and certain management personnel of JMB Properties
   Company became management personnel of the third party.  As a
   result of the sale, the successor to JMB Properties Company's
   assets became the property manager of the 1225 Connecticut
   office building on the same terms that existed prior to the
   sale.

   1225 Connecticut leases approximately 80 percent of the
   available space of the property to one tenant under leases, all
   with terms of 12 years.  For the year ended December 31, 1995,
   such tenant represented approximately 77 percent of total
   revenues.

   Pursuant to a lease currently in effect, an unaffiliated third
   party  leases and operates the entire parking garage (subject to
   certain parking rights provided for tenants of the property)
   until November 1997.  The lease provides for a fixed rent
   payment of $485,000 a year (which reflects an increase at the
   end of 1993 from $430,000 a year), provides that the lessee
   shall pay the operating expenses of the parking garage and does
   not provide such lessee with an option to extend the term of the
   lease.   <PAGE>
PAGE 30

   Unconsolidated Joint Ventures - Summary Information

   Summary information for the Account of its investments in
   Unconsolidated Joint Ventures as of and for the years ended
   December 31, 1995 and 1994 is as follows:

<TABLE>
<CAPTION>
                                                       As of and for     As of and for
                                                       the year ended    the year ended
                                                       Dec. 31, 1995     Dec. 31, 1994
                                                                                              
<S>                                                    <C>               <C>
Account's investment in Unconsolidated 
    Joint Ventures                                     $  24,150,472     $  27,044,876

Account's share of net investment income from
    Unconsolidated Joint Ventures                      $   1,924,741     $   2,094,682

Net depreciation in Unconsolidated Joint Ventures      $  (3,999,782)    $  (2,361,701)

Total net investment income of Unconsolidated
    Joint Ventures                                     $  20,070,000     $  27,482,000

Total assets of Unconsolidated Joint Ventures          $ 346,343,000     $ 393,717,000

Total liabilities of Unconsolidated Joint Ventures     $  54,722,000     $  48,558,000        
                                                                                              
</TABLE>

   Participation in Mortgage Loan - Riverpoint Associates

   Chicago, Illinois - Riverpoint Center

   In August 1989, IDS Life, on behalf of the Account, participated
   in the initial funding of a non-recourse participation first
   mortgage loan in the principal amount of $26,000,000.  The
   Account's share of the initial funding was $2,666,660 or 10.26
   percent of this loan.  The remaining portion of the loan is
   funded by affiliates of the Investment Adviser (herein, the
   Account and said affiliates are collectively called the
   Lenders).  The Loan is secured by a first mortgage on a shopping
   center known as Riverpoint Center in Chicago, Illinois.  The
   shopping center is owned by a partnership (the Borrower) whose
   general partners are not affiliated with any of the Lenders.  In
   connection with the loan, the Account paid to the Investment
   Adviser a mortgage placement fee amounting to approximately
   $108,000, less $37,500 in loan origination fees paid to the
   Investment Adviser by the Borrower, for a net fee paid of
   approximately $70,500 paid by the Account. 

   Additional amounts aggregating approximately $2,040,000 (of
   which the Account's share was approximately $209,000) have been
   funded since  the Initial Funding.  The Borrower did not qualify
   for any additional fundings above the $28,040,000 which has been
   funded to date, and no additional fundings will be made by the
   Lenders.

   The ten-year loan requires periodic payments of interest only
   and bears basic interest at the rate of 8.84 percent per annum
   in the first loan year, 8.75 percent per annum during the second
   loan year, increasing 0.50 percent per annum in the fourth and
   0.25 percent per annum in the seventh loan year to a maximum<PAGE>
PAGE 31
   rate of 9.50 percent per annum, payable monthly in advance.  The
   loan also provides for additional annual simple accrual of
   interest at the rate of 2.00 percent per annum payable upon
   prepayment or maturity.  For financial reporting purposes,
   commencing in August of 1991, the Account suspended recognition
   of income related to the simple accrual interest receivable
   (deferred until maturity).The loan also provides for additional
   interest in an amount equal to a percentage of annual gross
   income from the underlying property (exclusive of tenant
   reimbursement of expenses) in excess of a base amount and, on
   sale or repayment of the loan, an amount equal to a percentage
   of the subsequent increase in the value of the underlying
   property in excess of a specified amount.  Such amounts of
   additional interest payments made by the Borrower will be used
   to offset, on a dollar-for-dollar basis, the amount of accrued
   interest payable.  The loan is generally non-recourse to the
   Borrower and its partners.

   The shopping center, completed in 1989, is located on
   approximately 17 acres and consists of approximately 200,800
   square feet of gross leasable area.

5. Investments in Wholly-owned Real Estate Property

   Fairfax County, Virginia - West Springfield Terrace Apartments

   In August 1989, IDS Life, on behalf of the Account, acquired a
   244-unit garden apartment complex known as West Springfield
   Terrace Apartments, which is located in Fairfax County,
   Virginia. 

   The apartment complex, which was completed in 1978, consists of
   17 separate three and four-story buildings of wood frame with
   brick veneer construction containing 52 one-bedroom units, 22
   one-bedroom and den units, 118 two-bedroom units, 22 two-bedroom
   and den units, and 30 three-bedroom units. The complex contains
   a swimming pool, tennis court, clubhouse and approximately 380
   parking spaces. 

   The Account paid $15,222,278 for the apartment complex in cash
   at closing, excluding closing costs and prorations.  In
   connection with the acquisition of the property, the Account
   paid a prepayment charge at closing of $92,221 to the lender
   that held the mortgage loan on the property.  The Account also
   paid to IDS Life and the Investment Adviser their respective
   portions of the acquisition fee amounting to $274,834.  At the
   time of the acquisition it was anticipated that an additional
   amount of approximately $1,450,000 would be used by the Account
   to pay the cost of upgrading kitchens and bathrooms and  certain
   other upgrades and capital improvements at the complex.  The
   renovation project was subsequently increased to include
   replacing certain carpets in units as they were renovated and to
   increase the number of units that received certain upgrades. The
   renovation project was completed during 1992 at an aggregate
   cost of approximately $1,900,000. To date the Account has paid
   IDS Life and the Investment Adviser their respective portions of
   the acquisition fee amounting to $18,000 in connection with the
   renovation project.  <PAGE>
PAGE 32
   In November 1989, the Account obtained a loan from an
   institutional lender in the principal amount of $8,000,000
   secured by a first mortgage on the property.  At December 31,
   1995, the current balance of the mortgage loan encumbering the
   property was approximately $7,770,000.  The loan has a term of
   seven years and bears interest at a rate of 9.50 percent per
   annum.  The loan required monthly payments of interest only
   during the first three loan years and thereafter is amortizable
   over a 27-year schedule through monthly payments of principal
   and interest aggregating $824,400 per annum until November 1996,
   when the remaining principal balance and any accrued and unpaid
   interest of approximately $7,704,000 is due and payable.

   The apartment complex is being managed for a fee equal to 5.00
   percent of the gross revenues from the property, plus
   reimbursement of certain direct expenses of the manager.  The
   property had previously been managed by JMB Properties Company,
   an affiliate of the Investment Adviser, but since December 1994
   has been managed on the same terms by an unaffiliated third
   party that purchased substantially all of JMB Properties
   Company's assets, as discussed in Note 4 in connection with the
   1225 Connecticut office building.

6. Liquidity Arrangements with IDS Life

   The Account has experienced substantial net contract
   terminations over the past several years, which have
   adversely affected its liquidity.  In March 1994, the Account
   obtained a short-term revolving line of credit for up to 
   $10 million from IDS Life to pay for contract surrenders and 
   other obligations under the Contracts.  On June 2, 1995, the
   line of credit was terminated and the Account repaid the
   outstanding balance under the line of credit with the proceeds
   from accumulation units purchased by IDS Life.  For the year
   ended December 31, 1995, IDS Life cumulatively contributed
   $24,700,000 toward the purchase of accumulation units.  IDS
   Life expects to continue to make additional payments into the
   Account for accumulation units in order to maintain the Account
   and its liquidity.  As of December 31, 1995, IDS Life's portion
   of the Contract Owners' Equity was $22,644,467, which represents
   63% of total Contract Owners' Equity.
   <PAGE>
PAGE 33

Schedule III

                              IDS LIFE ACCOUNT RE
                                       of
                           IDS LIFE INSURANCE COMPANY


                 Participation in Mortgage Loan on Real Estate and 
                   Interest Earned on Participation in Mortgage
    
                               December 31, 1995


<TABLE>
<CAPTION>

                           Part 1 - Participation in Mortgage           Part 2 - Interest Earned on
                          Loan on Real Estate at Close of Year         on Participation in Mortgage 

Liens on Shopping Center:
                                  Principal unpaid     Amount of       Interest due
Riverpoint Center     Carrying       at close       mortgage being     & accrued at      Interest
Chicago, Illinois    Amount (A)      of period        foreclosed      end of period    Income Earned
<S>                 <C>           <C>               <C>               <C>              <C>
      1995          $ 2,966,206     $ 2,875,853      $        --      $     (5,400)     $   264,581

      1994          $ 2,994,023     $ 2,875,853      $        --      $         --      $   265,288

      1993          $ 2,995,600     $ 2,875,853      $        --      $         --      $   266,600
    
    





(A) - Reconciliation of the carrying value of the participation in the mortgage loan:
    
                                                         1995              1994             1993   
    
      Balance at the beginning of year...........   $   2,994,023     $  2,995,600     $  2,823,227    
      Changes during year:
        Unrealized appreciation (depreciation)...         (27,817)          (1,577)         172,373
    
      Balance at end of year.....................   $   2,966,206     $  2,994,023     $  2,995,600

<PAGE>
PAGE 34
Schedule IV
                              IDS LIFE ACCOUNT RE
                                      of
                           IDS LIFE INSURANCE COMPANY

    
                       Real Estate Owned and Rental Income
    
                               December 31, 1995

    
    
                                  Part 1 - Real Estate Owned at End of Year (A)  

Apartment Complex:

 West Springfield                   Amount at                                            Amount at
Terrace Apartments                which carried       Cost of         Unrealized       which carried
  Fairfax County,    Amount of    at beginning      improvements,     Appreciation      at close of  
     Virginia       encumbrance   of period (A)          etc.         (Depreciation)     period (B)

       1995         $ 7,770,339    $15,993,057      $    163,781       $    138,764     $16,295,602

       1994         $ 7,852,279    $15,882,183      $    110,874       $        --      $15,993,057

       1993         $ 7,926,821    $15,549,118      $     24,825       $   308,240      $15,882,183


                                      Part 2 - Rental Income  

                     Rents due    Total rental       Expended for 
                    and accrued      income         interest taxes,    Net income
                     at end of     applicable        repairs, and      applicable
                       period      to period           expenses        to period 

       1995         $    4,016     $ 2,379,439        $ 1,756,139     $   623,300
    
       1994         $   (1,895)    $ 2,235,867        $ 1,792,255     $   443,612

       1993         $    3,929     $ 2,251,285        $ 1,770,999     $   480,286
    
                                                                                         

    
(A) - Reconciliation of real estate owned:
    
                                                        1995               1994            1993    
    
      Balance at the beginning of year............  $ 15,993,057      $ 15,882,183     $ 15,549,118
    
      Additions (deductions) during year:
        Improvements, etc.........................       163,781           110,874           24,825
        Unrealized appreciation(depreciation).....       138,764                --          308,240
    
      Balance at end of year......................  $ 16,295,602      $ 15,993,057     $ 15,882,183
    
    
(B) - Reserve for depreciation is not applicable as real estate owned is stated at estimated fair 
      market value.

/TABLE
<PAGE>
  PAGE 35

                   Independent Auditors' Report

The Board of Directors of IDS Life
Insurance Company and Contract
Owners of IDS Life Account RE:

We have audited the combined financial statements of N/S
Associates, Monmouth Associates and 1225 Investment Corporation,
unconsolidated joint ventures of IDS Life Account RE (Note 1), as
listed in the accompanying index.  In connection with our audits of
the combined financial statements, we also have audited the
combined financial statement schedules as listed in the
accompanying index.  These combined financial statements and
combined financial statement schedules are the responsibility of
the Investment Adviser.  Our responsibility is to express an
opinion on these combined financial statements and combined
financial statement schedules based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
combined financial statements are free of material misstatement. 
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the combined financial statements. 
An audit also includes assessing the accounting principles used and
significant estimates made by the Investment Adviser, as well as
evaluating the overall combined financial statement presentation. 
We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the combined financial statements referred to above
present fairly, in all material respects, the combined financial
position of N/S Associates, Monmouth Associates and 1225 Investment
Corporation, at December 31, 1995 and 1994 and the results of their
combined operations and combined cash flows for each of the years
in the three year period ended December 31, 1995, in conformity
with generally accepted accounting principles.  Also, in our
opinion, the related combined financial statement schedules, when
considered in relation to the basic combined financial statements
taken as a whole, present fairly, in all material respects, the
information set forth therein.



                                         KPMG PEAT MARWICK LLP      
  

Chicago, Illinois
March 22, 1996<PAGE>
PAGE 36
                       IDS LIFE ACCOUNT RE
                  OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
      Unconsolidated Joint Ventures of IDS Life Account RE

                     Combined Balance Sheets

                    December 31, 1995 and 1994


                                      Assets
<TABLE>
<CAPTION>
<S>                                                                  <C>             <C>        
                                                                          1995            1994      
Investments in real estate                                            $328,270,000     373,654,000 
Cash and cash equivalents (note 1)                                      12,908,000       5,727,000 
Short-term investments                                                          --       7,589,000 
Rents, interest, and other receivables                                   2,754,000       6,465,000 
Other assets                                                             2,411,000         282,000 

                                                                      $346,343,000     393,717,000  


                      Liabilities and Partners' Capital Accounts

Mortgage notes payable (note 3)                                       $ 42,000,000      37,929,000 
Accounts payable and other accrued expenses                             12,722,000      10,629,000  

         Total liabilities                                              54,722,000      48,558,000 

Commitments and contingencies (notes 2 and 4)

Partners' capital accounts (notes 1 and 2):
 IDS Life Account RE:
  Capital contributions                                                 32,856,000      32,171,000 
  Cumulative net investment income                                      13,783,000      11,858,000 
  Cumulative share of net unrealized depreciation                      (11,708,000)     (7,708,000)
  Cumulative cash distributions                                        (10,781,000)     (9,276,000)
                                                                        24,150,000      27,045,000  

Venture partners:
  Capital contributions                                                379,954,000     370,809,000 
  Cumulative net investment income                                     166,032,000     147,887,000 
  Cumulative share of net unrealized depreciation                     (148,138,000)    (86,200,000)
  Cumulative cash distributions                                       (130,377,000)   (114,382,000)
                                                                       267,471,000     318,114,000 

         Total partners' capital accounts                              291,621,000     345,159,000  

                                                                      $346,343,000     393,717,000  




                       See accompanying notes to combined financial statements.
<PAGE>
PAGE 37
                        IDS LIFE ACCOUNT RE
                   OF IDS LIFE INSURANCE COMPANY
 N/S Associates, Monmouth Associates and 1225 Investment Corporation
        Unconsolidated Joint Ventures of IDS Life Account RE

                  Combined Statements of Operations

             Years Ended December 31, 1995, 1994 and 1993


                                                    <C>
                                                         1995             1994            1993    

Investment income:
 Rental income                                        $38,140,000      41,706,000      40,150,000 
 Interest                                               7,685,000       8,083,000       7,434,000  

                                                       45,825,000      49,789,000      47,584,000 

Investment expenses:
 Mortgage and other interest                            4,250,000       3,224,000       2,979,000 
 Real estate taxes                                      7,401,000       8,106,000       8,967,000 
 Property operating expenses                           13,744,000      10,657,000       9,752,000 
 General and administrative                               360,000         320,000         248,000  

                                                       25,755,000      22,307,000      21,946,000   

    Net investment income                            $ 20,070,000      27,482,000      25,638,000  

Unrealized depreciation on investments 
 in real estate (note 1)                             $(65,938,000)    (34,437,000)     (9,455,000)





























                       See accompanying notes to combined financial statements.
<PAGE>
PAGE 38
                       IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
       Unconsolidated Joint Ventures of IDS Life Account RE

        Combined Statements of Partners' Capital Accounts

          Years Ended December 31, 1995, 1994 and 1993



                                                      Combined         IDS Life        Venture
                                                        Total         Account RE       Partners    

Balance at December 31, 1992                        $375,139,000       28,605,000    346,534,000

Net investment income                                 25,638,000        2,097,000     23,541,000 
Net unrealized depreciation on investments 
  in real estate                                      (9,455,000)        (188,000)    (9,267,000)
Cash distributions and dividends                     (21,776,000)      (1,745,000)   (20,031,000)

Balance at December 31, 1993                         369,546,000       28,769,000    340,777,000 

Net investment income                                 27,482,000        2,094,000     25,388,000 
Net unrealized depreciation on investments
  in real estate                                     (34,437,000)      (2,361,000)   (32,076,000)
Cash distributions and dividends                     (17,432,000)      (1,457,000)   (15,975,000)

Balance at December 31, 1994                         345,159,000       27,045,000    318,114,000 

Net investment income                                 20,070,000        1,925,000     18,145,000 
Cash contributions                                     9,830,000          685,000      9,145,000
Unrealized depreciation on investments
  in real estate                                     (65,938,000)      (4,000,000)   (61,938,000)
Cash distributions and dividends                     (17,500,000)      (1,505,000)   (15,995,000)

Balance at December 31, 1995                        $291,621,000       24,150,000    267,471,000 






















                       See accompanying notes to combined financial statements.
<PAGE>
PAGE 39
                      IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
       Unconsolidated Joint Ventures of IDS Life Account RE

               Combined Statements of Cash Flows

          Years Ended December 31, 1995, 1994 and 1993




                                                         1995            1994            1993     

Cash flows from operating activities:
 Net investment income                               $ 20,070,000      27,482,000      25,638,000 
 Provision for uncollectible accrued interest           3,576,000              --              --
 Adjustments to reconcile net investment
 income to net cash provided by operating
 activities represented by changes in:
  Rents, interest and other receivables                   135,000        (598,000)        378,000 
  Other assets                                         (2,129,000)        222,000      (1,292,000)
  Accounts payable and accrued expenses                (1,713,000)       (201,000)     (1,309,000)

     Net cash provided by operations                   19,939,000      26,905,000      23,415,000 

Cash flows from investing activities:
  Net (purchases) sales of short-term investments       7,589,000       1,720,000      (9,309,000)
  Additions to investments in real estate, net of
  related accounts payable and accrued expenses       (16,748,000)    (14,834,000)     (2,389,000)

     Net cash provided by (used in)
      investing activities                             (9,159,000)    (13,114,000)    (11,698,000)

Cash flows from financing activities:
 Principal payments on mortgages payable              (30,929,000)     (2,843,000)     (1,358,000)
 Cash distributions to partners                       (13,000,000)    (13,500,000)    (18,000,000)
 Cash contributions                                     9,830,000           --              --
 Proceeds from mortgage note payable                   35,000,000       7,000,000           --    
 Cash dividends paid to shareholders                   (4,500,000)     (3,932,000)     (3,776,000)

     Net cash used in financing activities             (3,599,000)    (13,275,000)    (23,134,000)       
     Net increase in cash and cash
       equivalents                                   $  7,181,000         516,000     (11,417,000)
     Cash and cash equivalents beginning
       of year                                          5,727,000       5,211,000      16,628,000  
     Cash and cash equivalents end
       of year                                       $ 12,908,000       5,727,000       5,211,000  

Supplemental disclosure of cash flow information:
 Cash paid for mortgage and other interest           $  3,759,000       3,201,000       2,989,000 
 Non-cash investing and financing activities:
  Unrealized depreciation on 
    investments in real estate                       $(65,938,000)    (34,437,000)     (9,455,000)





                       See accompanying notes to combined financial statements.
</TABLE>

<PAGE>
PAGE 40
                      IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
       Unconsolidated Joint Ventures of IDS Life Account RE

              Notes to Combined Financial Statements

           Years ended December 31, 1995, 1994, and 1993


(1)      Organization and Basis of Accounting

         The accompanying combined financial statements have been
prepared for the purpose of complying with Rule 3.09 of Regulation 
S-X of the Securities and Exchange Commission.  The combined
financial statements include the accounts of the unconsolidated joint
ventures in which IDS Life Account RE of IDS Life Insurance Company
owns an equity interest.  The unconsolidated joint ventures are N/S
Associates, Monmouth Associates and 1225 Investment Corporation.

         The accompanying combined financial statements have been
prepared on the market value accrual basis of accounting.

         The preparation of the combined financial statements in
conformity with generally accepted accounting principles requires 
Management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

         The ventures have implemented Statement of Accounting Standards
No. 95 "Statement of Cash Flows" which classifies receipts and
payments according to whether they stem from operating, investing or
financing activities.  The ventures records amounts held in U.S.
Government obligations at cost, which approximates market.  For the
purposes of these statements, the ventures' policy is to consider all
such amounts held with original maturities of three months or less
($2,200,000 and $5,989,000 at December 31, 1995 and 1994,
respectively) as cash equivalents with any remaining amounts
reflected as short-term investments.

         Investments in real estate are stated at estimated fair value. 
A description of the valuation process is contained in Note 2 of
Notes to Financial Statements of the Account.  Such note is
incorporated herein by reference.

         Market values have been estimated by the Investment Adviser. 
Such market values involve subjective judgments and the actual values
can only be determined by negotiations with independent third
parties.

         No provision for State or Federal income taxes has been made
for N/S Associates or Monmouth Associates as the liability for such
taxes, if any, is expected to be that of the venture partners rather
than the venture.  1225 Investment Corporation has elected and
qualifies to be treated as a real estate investment trust for Federal
income tax purposes.  The Corporation had no Federal income tax
liabilities for taxable years ended December 31, 1995, 1994 and 1993.<PAGE>
PAGE 41
                      IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
      Unconsolidated Joint Ventures of IDS Life Account RE

       Notes to Combined Financial Statements - (Continued)


         Maintenance and repair expenses are charged to operations as
incurred.  Significant costs of physical improvements are capitalized
as part of investments in real estate.

         Fixed rental income is recorded when the obligation for the
payment of rent is incurred according to the terms of the lease
agreements.

         Statement of Financial Accounting Standards No. 107 ("SFAS
107"), "Disclosures about Fair Value of Financial Instruments",
requires entities with total assets exceeding $150 million at
December 31, 1994 to disclose the SFAS 107 value of all financial
assets and liabilities for which it is practicable to estimate. 
Value is defined in the Statement as the amount at which the
instrument could be exchanged in a current transaction between
willing parties, other than in a forced or liquidation sale.  The
ventures believe the carrying amount of its assets and liabilities
(excluding current portion of long-term debt) approximates SFAS 107
value due to the relatively short maturity of these instruments. 
There is no quoted market value available for any of the ventures'
other instruments.  Based upon estimates of current market rates for
debt with similar terms, the ventures discounted the scheduled loan
payments to maturity.  Based upon this calculation, the ventures
believe that the carrying value of the mortgage notes payable
approximate market value at December 31, 1995 and 1994.

(2)      Venture Agreements

     A description of the venture agreements are contained in Note 4
of Notes to Financial Statements of the Account for the year ended
December 31, 1995.  Such note is incorporated herein by reference.
<PAGE>
PAGE 42
                      IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
      Unconsolidated Joint Ventures of IDS Life Account RE

       Notes to Combined Financial Statements - (Continued)

(3)      Mortgage Notes Payable

         (a)  Mortgage notes payable consist of the following at 
December 31, 1995 and 1994:

<TABLE>
<CAPTION>
<S>                                                                  <C>             <C>
                                                                          1995            1994    
9.125% mortgage note due January 1, 2008 secured by Northridge
 Mall; repaid in February 1995, reference is made to Note 3 (b)       $        --       15,058,000

10% mortgage note due October 1, 2012, secured by Northridge
 Mall; repaid in February 1995, reference is made to Note 3 (b)                --          365,000

8.42% mortgage note due October 1, 2001, secured by Southridge
 Mall; refinanced in February 1995, reference is made to Note 3 (b)            --       15,506,000

8.35% mortgage note, secured by Southridge Mall; payable in
 monthly installments of $244,000 (interest only) until
 maturity on February 1, 2002 (see 3 (b) below)                         35,000,000             -- 

6.98% mortgage note, due February 1, 2001, secured by 1225
Connecticut Avenue; interest only, payable monthly                       7,000,000       7,000,000

           Total mortgage notes payable                                $42,000,000      37,929,000
</TABLE>

      (b) Refinancing - Southridge

    On February 1, 1995, the Partnership refinanced the existing
mortgage note on Southridge Mall in the amount of $35,000,000. 
Proceeds, net of transaction costs, were used to repay the existing
mortgage notes at Southridge and Northridge Malls (including
prepayment penalties of $155,000 and $240,000, respectively).  The
remaining proceeds which were reserved for future leasing costs,
capital improvements and other related costs, have been expended.

    Five year maturities of mortgage notes payable are as follows:

        1996 . . . . . . . . . .            $   --   
        1997 . . . . . . . . . .                --
        1998 . . . . . . . . . .                --   
        1999 . . . . . . . . . .                --   
        2000 . . . . . . . . . .                --   

(4)      Leases - As Property Lessor

         The venture has determined that all leases relating to the two
retail properties and the office building are properly classified as
operating leases; therefore, rental income is reported when earned. 
Leases with tenants range in term from one to thirty-two years and
provide for fixed minimum rent and partial to full reimbursement of
operating costs.  In addition, substantially all retail leases
provide for additional rent based upon percentage of tenants' sale
volumes over certain specified amounts.<PAGE>
PAGE 43
                      IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
      Unconsolidated Joint Ventures of IDS Life Account RE

       Notes to Combined Financial Statements - (Continued)

         Minimum lease payments to be received in the future under the
above operating lease agreements, are as follows:
         1996 . . . . . . . . . .        $ 21,306,282
         1997 . . . . . . . . . .          20,488,269
         1998 . . . . . . . . . .          18,517,784
         1999 . . . . . . . . . .          16,734,147
         2000 . . . . . . . . . .          14,709,466
         Thereafter . . . . . . .          56,125,989
                                         $147,881,937

         Contingent rent (based on sales by property tenants) from the
retail investments included in rental income is $1,058,000,
$1,010,000 and $1,000,000 in 1995, 1994 and 1993, respectively.

         Monmouth Associates entered into an agreement whereby the land
underlying the Monmouth shopping center is leased under a long-term
ground lease.  The long-term ground lease, which has a term of 75
years, provides for accrual of annual base rent of $1,170,000 with
minimum payments of $650,000 per annum.

(5)      Related Party Transactions

         NS Associates has entered into a management agreement with
Urban Retail Properties Company, (the "Retail Manager").  The Retail
Manager is entitled to receive a fee of 3.75% of gross receipts from
the operations of the Malls.  Management fees earned by the Retail
Manager are included in property operating expenses and aggregated
approximately $1,174,000 and $1,266,000 for the periods ended
December 31, 1995 and 1994, respectively.

         1225 Investment Corporation had entered into a management
agreement with JMB Properties Company.  During December 1994, JMB
Properties Company assigned the management agreement to Heitman
Washington D.C. Properties, Ltd. ("Office Manager").  The Office
Manager is entitled to receive a fee of 2.5% of gross receipts from
the operations of the Property.  Management fees earned by the Office
Manager are included in property operating expenses and aggregated
approximately $175,000 and $196,000 for the years ended December 31,
1995 and 1994, respectively.
<PAGE>
PAGE 44
                      IDS LIFE ACCOUNT RE
                 OF IDS LIFE INSURANCE COMPANY
N/S Associates, Monmouth Associates and 1225 Investment Corporation
      Unconsolidated Joint Ventures of IDS Life Account RE

       Notes to Combined Financial Statements - (Continued)

(6)      Subsequent Events

         (a)  NS Associates

              In February 1996, the Investment Adviser authorized and
              paid a cash distribution to the partners aggregating
              $2,125,000.  Each partner received its proportionate share
              based on its respective ownership percentage.

         (b)  1225 Investment Corporation

              In February 1996, 1225 Investment Corporation paid a
              dividend of $1,250,000 ($22.67 per share) to the
              shareholders of record as of December 31, 1995.<PAGE>
PAGE 45

Schedule III

                             IDS LIFE ACCOUNT RE of
                           IDS LIFE INSURANCE COMPANY
                               Monmouth Associates
                Unconsolidated Joint Venture of IDS Life Account RE
                 Participation in Mortgage Loan on Real Estate and 
                   Interest Earned on Participation in Mortgage
    
                               December 31, 1995


<TABLE>
<CAPTION>

                           Part 1 - Participation in Mortgage           Part 2 - Interest Earned on
                          Loan on Real Estate at Close of Year         on Participation in Mortgage 

Liens on Shopping Center:
                                      Principal unpaid    Amount of        Interest due
  Monmouth Mall          Carrying         at close      mortgage being     & accrued at      Interest
Eatontown, New Jersey    Amount (A)       of period       foreclosed      end of period    Income Earned
<S>                    <C>            <C>               <C>               <C>              <C>
       1995            $ 108,000,000  $ 158,373,000       $    --         $    742,000     $  6,994,000
     
       1994            $ 119,154,000  $ 141,056,000       $    --         $  3,960,000     $  7,641,000

       1993            $ 119,650,000  $ 132,338,000       $    --         $  3,437,000     $  7,166,000
    
    





(A) - Reconciliation of the carrying value of the participation in the mortgage loan:
    
                                                             1995              1994              1993    
    
      Balance at the beginning of year...........       $ 119,154,000     $ 119,650,000     $ 119,650,000
    
      Changes during year:
        Additional fundings......................          17,317,000         9,318,000                --
        Unrealized depreciation..................         (28,471,000)       (9,814,000)               --
    
      Balance at end of year.....................       $ 108,000,000     $ 119,154,000     $ 119,650,000

<PAGE>
PAGE 46
Schedule IV
                       IDS LIFE ACCOUNT RE of
                     IDS LIFE INSURANCE COMPANY
 N/S Associates, Monmouth Associates and 1225 Investment Corporation
        Unconsolidated Joint Ventures of IDS Life Account RE   

            Combined Real Estate Owned and Rental Income
     
                         December 31, 1995
     
                               Part 1 - Real Estate Owned at End of Year (C)  
                                                                                            Amount at
                                                          Cost of           Unrealized     which carried
                         Amount of                      improvements,      Appreciation     at close of  
                       encumbrances   Initial Cost           etc.         (Depreciation)   period (A)(B)
Retail properties:
Northridge Mall,       
 Milwaukee, WI         $         --   $108,107,000      $ 14,560,000      $(74,667,000)    $ 48,000,000
Southridge Mall,
 Greendale, WI         $ 35,000,000   $115,401,000      $ 15,375,000      $(25,776,000)    $105,000,000
Office Building:
 1225 Connecticut Ave.,
  Washington, D.C.     $  7,000,000   $ 54,775,000      $  7,566,000      $ (8,071,000)    $ 54,270,000
Ground Lease:
 Monmouth Mall,
  Eatontown, NJ        $         --   $ 13,000,000      $         --      $         --     $ 13,000,000
                       $ 42,000,000   $291,283,000      $ 37,501,000      $(108,514,000)   $220,270,000


                                 Part 2 - Rental Income  

                                       Rents due    
                                      and accrued
                                       at end of
                                         period   
Retail Properties:
 Northridge Mall,
  Milwaukee, WI                        $    93,000
 Southridge Mall,
  Greendale, WI                        $   264,000
 Office Building:
  1225 Connecticut Ave.,
   Washington, D.C.                    $    19,000
 Ground Lease:
  Monmouth Mall,
   Eatontown, NJ                       $        --
                                       $   376,000



(A)   The aggregate cost of real estate owned at December 31, 1995 for Federal Income tax purposes was     
      approximately $465,315,000.
    
(B)   Reconciliation of real estate owned:
                                                            1995               1994            1993    
    
      Balance at the beginning of period..........      $254,500,000      $272,660,000     $279,726,000
    
      Additions (deductions), including
        unrealized depreciation...................       (34,230,000)      (18,160,000)      (7,066,000)
    
      Balance at end of year......................      $220,270,000      $254,500,000     $272,660,000 
    
(C) - Reconciliation for depreciation is not applicable as real estate owned is stated at estimated 
      market value.
/TABLE
<PAGE>
PAGE 47
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING         
AND FINANCIAL DISCLOSURE

Not applicable. 

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Account has no directors or officers.  The directors and
principal executive officers of IDS Life Insurance Company are
listed below.

  David R. Hubers, 53: Director, IDS Life, since September 1989;
  President and Chief Executive Officer, American Express Financial
  Corporation (AEFC), since August 1993, and Director since January 
  1984.  Senior Vice President, Finance and Chief Financial Officer,
  AEFC, from January 1984 to August 1993.

  Richard W. Kling, 55: Director, IDS Life, since February 1984;
  President, IDS Life, since March 1994; Executive Vice President,
  Marketing and Products, from January 1988 to March 1994.  Senior
  Vice President, AEFC, since May 1994.  Director of IDS Life
  Series Fund, Inc. and manager of IDS Life Variable Annuity Funds
  A & B.

  Paul F. Kolkman, 49: Director, IDS Life, since May 1984;
  Executive Vice President, IDS Life, since March 1994; Vice
  President, Finance, IDS Life from May 1984 to March 1994; Vice
  President, AEFC, since January 1987.

  Janis E. Miller, 44: Director and Executive Vice President,
  Variable Assets since March 1994; Vice President, AEFC, since
  June 1990; Director, Mutual Funds Product Development and
  Marketing, AEFC, from May 1987 to May 1990.  Director of IDS Life
  Series Fund, Inc. and manager of IDS Life Variable Annuity Funds
  A and B.

  James A. Mitchell, 54: Chairman of the Board since March 1994;
  Chief Executive Officer since November 1986; President from July
  1984 to March 1994; Executive Vice President, AEFC, since March
  1994; Director, AEFC, since July 1984; Senior Vice President,
  AEFC, from July 1984 to March 1994.

  Barry J. Murphy, 44: Director and Executive Vice President,
  Client Service since March 1994; Senior Vice President,
  Operations, Travel Related Services (TRS) a subsidiary of
  American Express Company, since July 1992; Vice President, TRS,
  from November 1989 to July 1992; Chief Operating Officer, TRS,
  from March 1988 to November 1989.<PAGE>
PAGE 48
  Stuart A. Sedlacek, 38: Director and Executive Vice President,
  Assured Assets since March 1994; Vice President, AEFC, since
  September 1988.

  Melinda S. Urion, 42: Director and Controller, IDS Life, since
  September 1991; Executive Vice President since March 1994; Vice
  President and Treasurer from September 1991 to March 1994;
  Senior Vice President and Chief Financial Officer, AEFC, since
  November 1995; Corporate Controller, AEFC, from April 1994 to 
  November 1995; Vice President, AEFC, from September 1991 to 
  November 1995; Chief Accounting Officer, AEFC, from July 1988
  to September 1991.

  Morris Goodwin Jr., 44: Vice President and Treasurer since March
  1994; Vice President and Corporate Treasurer, AEFC, since July
  1989; Chief Financial Officer and Treasurer, American Express
  Trust Company, from January 1988 to July 1989.

  William A. Stoltzmann, 47: Vice President, General Counsel and
  Secretary since 1985.



The directors, executive officers and certain other officers of JMB
Realty Corporation (JMB), the managing partner of the Investment
Adviser, are listed below.  Many of such persons are also officers
and/or directors of numerous affiliated companies of JMB and/or
partners of certain partnerships (herein collectively referred to
as the Associate Partnerships) which are partners, directly or
indirectly, in publicly offered real estate limited partnerships
sponsored by JMB.  

  Judd D. Malkin, 58, Chairman and Director of JMB, is a director
  of Urban Shopping Centers, Inc., an affiliate of JMB engaged in
  the business of owning, managing and developing shopping centers,
  an officer and/or director of various other JMB affiliates and a
  partner of the Associate Partnerships.  Until December 1994, he
  was also a Trustee of JMB Group Trust I, JMB Group Trust II, JMB
  Group Trust III, JMB Group Trust IV and JMB Group Trust V, which
  until that time had been advised by an affiliate of the
  Investment Adviser.  Mr. Malkin has been associated with JMB
  since October 1969.  He is a Certified Public Accountant.

  Neil G. Bluhm, 58, President and Director of JMB, is a director
  of Urban Shopping Centers, Inc., an affiliate of JMB engaged in
  the business of owning, managing and developing shopping centers,
  an officer and/or director of various other JMB affiliates and a
  partner of the Associate Partnerships.  Until December 1994, he
  was also a Trustee of JMB Group Trust I, JMB Group Trust II, JMB
  Group Trust III, JMB Group Trust IV and JMB Group Trust V, which
  until that time has been advised by an affiliate of the
  Investment Adviser.  Mr. Bluhm has been associated with JMB since
  August 1970.  He is a member of the Bar of the State of Illinois
  and is a Certified Public Accountant.
<PAGE>
PAGE 49 
  Burton E. Glazov, 57, Director of JMB,  was until December 1990
  also Executive Vice President of JMB.  Mr. Glazov has been
  associated with JMB since June 1971. He is member of the Bar of
  the State of Illinois and is a Certified Public Accountant.

  Stuart C. Nathan, 54, Executive Vice President and Director of
  JMB, is an officer and/or director of various JMB affiliates and
  a partner of the Associate Partnerships.   Mr. Nathan has been
  associated with JMB since July 1972.  He is also a director of
  Sportmart Inc., a retailer of sporting goods.  He is member of
  the Bar of the State of Illinois. 

  John G. Schreiber, 49, Director of JMB, is also a director of
  Urban Shopping Centers, Inc., an affiliate of JMB engaged in the
  business of owning, managing and developing shopping centers, and
  was, until December 1990, Executive Vice President of JMB. 
  Mr. Schreiber has been associated with JMB since December 1970. 
  Mr. Schreiber is President of Schreiber Investments, Inc., a
  company which is engaged in the real estate investing business.
  He is also a senior advisor and partner of Blackstone Real Estate
  Partners, an affiliate of the Blackstone Group, L.P.  
  Mr. Schreiber also serves as a Trustee of Amli Residential
  Property Trust, a publicly-traded real estate investment trust
  that invests in multi-family properties.  He is also a director
  of a number of investment companies advised or managed by T. Rowe
  Price Associates and its affiliates. He holds a master's degree
  in business administration from the Harvard University
  Graduate School of Business.

  A. Lee Sacks, 62, Director of JMB, is President and Director of
  JMB Insurance Agency, Inc. and a partner of various Associate
  Partnerships.  Mr. Sacks has been associated with JMB since
  December 1972.

  H. Rigel Barber, 47, Chief Executive Officer and Executive Vice
  President of JMB, is an officer of various JMB affiliates and a
  partner of various Associate Partnerships.  Mr. Barber has been
  associated with JMB since March 1982.  He holds a law degree from
  the Northwestern University Law School and is a member of the Bar
  of the State of Illinois.

  Ira J. Schulman, 44, Executive Vice President of JMB, is an
  officer of various JMB affiliates and a partner of various
  Associate Partnerships.  Mr. Schulman has been associated with
  JMB since February 1983.  He holds a master's degree in business
  administration from the University of Pittsburgh.

  Gary Nickele, 43, Executive Vice President and General Counsel of
  JMB, is an officer and/or director of various JMB affiliates and
  a partner of various Associate Partnerships.  Mr. Nickele has
  been associated with JMB since February 1984.  He holds a law
  degree from the University of Michigan Law School and is a member
  of the Bar of the State of Illinois.

  Glenn E. Emig, age 48, Executive Vice President and Chief
  Operating Officer of JMB, is an officer of various JMB affiliates
  and a partner of various Associate Partnerships.  Mr. Emig has
  been associated with JMB since December 1979.  He holds a
  master's degree in business administration from the Harvard
  University Graduate School of Business.<PAGE>
PAGE 50 
Item 11. EXECUTIVE COMPENSATION

Not applicable.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT

IDS Life has purchased and expects to continue to purchase accumulation units
in order to maintain the Account's liquidity.  By purchasing accumulation
units, IDS Life has an ownership interest in the Account and participates in
the increase or decrease in value of the Account's investments just as other
owners of accumulation units do.  As of March 19, 1996, IDS Life owned
23,967,444 accumulation units.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Account incurred asset management fees for the year ended
December 31, 1995 of $603,620 of which $458,751 was paid to the
Investment Adviser and the remainder to IDS Life.  Asset management
fees incurred for the year ended December 31, 1994 were $765,557, of
which $614,775 was paid to the Investment Adviser and the remainder
to IDS Life.

For the years ended December 31, 1995 and 1994, IDS Life was paid
or reimbursed $482,896 and $502,607, respectively, for mortality
and expense risk fee and $56,102 and $51,225, respectively, for
personnel-related expenses incurred in the administration of the
Account.
 
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
         FORM 8-K

   (A.1) See Item 8 for required financial statements.

   (A.2) See Item 8 for required financial statements
         schedules.

   (B)   Report on Form 8-K.

         No reports on Form 8-K were required by the
         Registrant during the year ended December 31, 1995.

         No annual report for the fiscal year 1995 or proxy
         material for the current year has been distributed to
         the contract owners as of March 29, 1996.  An annual
         report for the period ending December 31, 1995 will
         be distributed to contract owners subsequent to this
         filing, and copies of such annual report will be
         furnished to the Securities and Exchange Commission
         at such time.<PAGE>
PAGE 51
   (C)   Exhibits.

          3.1 Copy of Articles of Incorporation of IDS Life
              Insurance Company are hereby incorporated herein by
              reference to Exhibit A(6)(b) to Form N-8B-2, File
              Number 2-97637, filed April 28, 1986.

          3.2 Copy of By-laws of IDS Life Insurance Company are
              hereby incorporated herein by reference to Exhibit
              A(6)(b) to Form N-8b-2, File Number 2-97637, filed
              April 28, 1986.

          3.3 Copy of Resolution of the Board of Directors of IDS
              Life Insurance Company establishing IDS Life
              Account RE is hereby incorporated herein by
              reference to Exhibit 3.3 to the Account's Form S-1,
              File Number 33-13375, filed April 13, 1987.

          4.1 Form of Deferred Variable Annuity Contract is
              hereby incorporated herein by reference to Exhibit 
              4 to the Account's Form S-1 (as amended), File
              Number 33-13375, filed July 17, 1987.

          4.2 Copy of mortgage loan documents relating to West
              Springfield Terrace Apartments is hereby
              incorporated herein by reference to Exhibit 4.2 to
              the Account's Form S-1 (as amended), File Number
              33-13375, filed April 12, 1990.

          4.3 Copy of the line of credit agreement, dated 
              March 30, 1994 between IDS Life and the Account
              (including a copy of the executed promissory note,
              dated March 30, 1994), filed April 5, 1994.

         10.1 Copy of Investment Advisory Agreement between IDS
              Life and JMB Annuity Advisors is hereby
              incorporated herein by reference to Exhibit 10.1 to
              the Account's Form S-1 (as amended), File Number
              33-13375, filed April 29, 1988.

         10.2 Copy of N/S Associates Joint Venture Agreement
              together with certain documents relating to the
              purchase of an interest in Northridge Mall is
              hereby incorporated herein by reference to Exhibit
              10.2 to the Account's Form S-1 (as amended), File
              Number 33-13375, filed April 29, 1988.

       10.2.1 Copy of Second Amended and Restated Articles of
              Partnership of N/S Associates hereby incorporated
              herein by reference to Exhibit 10.2.1 to the
              Account's Form S-1 (as amended), File Number
              33-13375, filed April 20, 1989.

         10.3 Copy of N/S Associates Joint Venture Agreement
              together with certain documents relating to the
              purchase of an interest in Southridge Mall is
              hereby incorporated herein by reference to
              Exhibit 10.3 to Form S-1 (as amended), File
              Number 33-13375, filed April 29, 1988.<PAGE>
PAGE 52
         10.4 Copy of Commitment Letter relating to the funding 
              of a participating mortgage loan secured by
              Riverpoint Center is hereby incorporated herein by
              reference to Exhibit 10.4 to Form S-1 (as amended),
              File Number 33-13375, filed October 11, 1988.

         10.5 Copy of Amended and Restated Articles of
              Partnership of Monmouth Associates are hereby
              incorporated herein by reference to Exhibit 10.5 to
              the Account's Form S-1 (as amended), File Number
              33-13375, filed April 12, 1990.

       10.5.1 Copy of Amended and Restated Articles of
              Partnership of Monmouth Associates are hereby
              incorporated herein by reference to Exhibit 10.5.2
              to the Account's Form S-1 (as amended), File
              Number 33-13375, filed April 12, 1990.

         10.6 Copy of Agreement together with certain other
              documents relating to the purchase of West
              Springfield Terrace Apartments is hereby
              incorporated herein by reference to Exhibit 10.6 to
              Form S-1 (as amended), File Number 33-13375, filed
              October 16, 1989.

         10.7 Copy of Agreement together with certain documents
              relating to the purchase of an interest in 1225
              Connecticut Avenue is hereby incorporated herein by
              reference to the Account's Form S-1 (as amended),
              File Number 33-13375, filed June 29, 1990.

         21.1 List of subsidiaries of IDS Life Insurance Company:
              American Centurion Life Assurance Company, American
              Enterprise Life Insurance Company, American Partners
              Life Insurance Company, and IDS Life Insurance Company
              of New York

         27.1 Financial Data Schedule of the Account for the
              period ended December 31, 1995 is filed herewith.

         99.1 Copy of description of surrenders, withdrawals and
              transfers from pages 62 to 63 and 67 to 68 of the
              Account's prospectus included in its Form S-1 (as
              amended), File Number 33-13375 to be filed April 1,
              1996, is filed herewith.

         99.2 Copy of description of the Account's real estate
              related investments from pages 21 to 44 of the
              Account's prospectus included in its Form S-1 (as
              amended), File Number 33-13375 to be filed April 1,
              1996, is filed herewith.
<PAGE>
PAGE 53

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned officers
of IDS Life Insurance Company, thereunto duly authorized.

        IDS LIFE ACCOUNT RE of IDS LIFE INSURANCE COMPANY
                                                           

                                           Registrant

     March 29, 1996       By   /S/ James A. Mitchell  
         Date                  James A. Mitchell, Chairman of the            
                                Board and Chief Executive Officer
          
     March 29, 1996       By   /S/ Melinda S. Urion   
         Date                  Melinda S. Urion, Executive Vice
                                President and Controller


Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been duly signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. 


     March 29, 1996       By   /S/ David R. Hubers                           
         Date                  David R. Hubers, Director


     March 29, 1996       By   /S/ Richard W. Kling                          
         Date                  Richard W. Kling, President


     March 29, 1996       By   /S/ Paul F. Kolkman    
         Date                  Paul F. Kolkman, Executive
                                Vice President


     March 29, 1996       By   /S/ Janis E. Miller                           
         Date                  Janis E. Miller, Executive 
                                Vice President, Variable Assets


     March 29, 1996       By   /S/ James A. Mitchell                         
         Date                  James A. Mitchell, Chairman of the
                                Board and Chief Executive Officer


     March 29, 1996       By   /S/ Melinda S. Urion                          
         Date                  Melinda S. Urion, Executive Vice
                                President and Controller
<PAGE>