SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                                   FORM 10-Q



For the Period Ended September 30, 2004, Commission file number:  33-18688
                                                                  --------

TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
------------------------------------------------------
(Exact name of registrant as specified in its charter)

ARIZONA                                          86-0602485
--------------------------------                 ------------------------
(State or other jurisdiction of                  (I.R.S. Employer Identi-
incorporation organization)                      fication No.)

3420 E. Shea  Blvd., Suite 200, Phoenix, Arizona           85028
--------------------------------------------------       ----------
(Address of principal executive offices)                 (Zip Code)


Registrant's Telephone Number, Including
Area Code:                                                   (602) 953-5298



      Indicate by check  mark  whether the registrant (1) has filed all reports
required to be filed by Section  13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months  (or  for  such  shorter  period  that  the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.


Yes         X                              No
       -----------                               -----------

<PAGE>
<TABLE>
<CAPTION>
                   TPI Land Development IV
                        Balance Sheet
                   As of September 30, 2004

                                              SEP 30, 04
                                             -------------
<S> <C> <C> <C> <C>                          <C>
ASSETS
    CURRENT ASSETS
        CHECKING/SAVINGS
            CHECKING-BANK ONE#0887-6373         315,904.59
                                             -------------
        TOTAL CHECKING/SAVINGS                  315,904.59

        OTHER CURRENT ASSETS
            CONT. REC. TESSIER PROPERTIES        25,000.47
            CONT. REC.-HJTESSIER                    252.53
                                             -------------
        TOTAL OTHER CURRENT ASSETS               25,253.00
                                             -------------

    TOTAL CURRENT ASSETS                        341,157.59
    FIXED ASSETS
        CASA GRANDE LAND -CITY DED.             136,148.00
                                             -------------
    TOTAL FIXED ASSETS                          136,148.00

    OTHER ASSETS
        LOAN FEES-MODIFICATION
            ACCUM. AMORT.-LOAN MODIFIC.         -10,529.79
            LOAN FEES-MODIFICATION - OTHER       10,529.79
                                             -------------
        TOTAL LOAN FEES-MODIFICATION                  0.00

        LOAN ORIG FEE-CAMBRIA
            ACCUM.AMORT.-LOAN FEE C             -38,000.00
            LOAN ORIG FEE-CAMBRIA - OTHER        38,000.00
                                             -------------
        TOTAL LOAN ORIG FEE-CAMBRIA                   0.00

        ORGANIZATIONAL COSTS
            ACCUM. AMORT.-ORGANIZATION COST     -30,135.74
            ORGANIZATIONAL COSTS - OTHER         30,135.74
                                             -------------
        TOTAL ORGANIZATIONAL COSTS                    0.00

        SYNDICATION COSTS-COMMISION             239,856.00
        SYNDICATION COSTS-DUE DILIGENCE          22,312.13
        SYNDICATION COSTS-LEGAL                  62,932.39
        SYNDICATION COSTS-OTHER                  98,791.09
                                             -------------
    TOTAL OTHER ASSETS                          423,891.61
                                             -------------

TOTAL ASSETS                                    901,197.20
                                             =============
LIABILITIES & EQUITY
    LIABILITIES
        CURRENT LIABILITIES
            OTHER CURRENT LIABILITIES
                ACCTS. PAYABLE-PRE PET. 7/95     58,598.71
                ACCTS.PAY-POST PET. 7/95          8,945.90
                ADVANCE FROM HJT                  1,200.00


<PAGE>
                   TPI Land Development IV
                        Balance Sheet
                   As of September 30, 2004

                                              SEP 30, 04
                                             -------------
                ADVANCE FROM TPI ASST            11,928.25
                PROP.TAX PAY-POST PETITION       18,042.98
                SALES TAX PAYABLE                   -13.86
                                             -------------
            TOTAL OTHER CURRENT LIABILITIES      98,701.98
                                             -------------

        TOTAL CURRENT LIABILITIES                98,701.98

        LONG TERM LIABILITIES
            FATCO  - NOTE. PAY                   85,000.00
            TRANSEQUITY GROUP                     4,134.61
                                             -------------
        TOTAL LONG TERM LIABILITIES              89,134.61
                                             -------------

    TOTAL LIABILITIES                           187,836.59

    EQUITY
        GEN. PART.LP CONTRIBUTION                   500.00
        GENERAL PARTNER CONT.                    25,253.00
        LIMITED PARTNER CONTRIBUTION          2,524,800.00
        PREVIOUS RETAIN EARNINGS             -2,033,538.83
        NET INCOME                              196,346.44
                                             -------------
    TOTAL EQUITY                                713,360.61
                                             -------------

TOTAL LIABILITIES & EQUITY                      901,197.20
                                             =============

</TABLE>


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004


NOTE 1:     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
            ------------------------------------------

                              Nature of Partnership
                              ---------------------

            TPI   Land   Development   IV  Limited  Partnership  is  a  limited
            partnership formed under the  laws of the State of Arizona of which
            Herve  J. R. Tessier and TPI Asset  Management,  Inc.,  an  Arizona
            corporation, are the general partners.

            The Partnership  was  formed  to  acquire  parcels of unimproved or
            partially improved real property for development  and  may  acquire
            operating commercial and other business real property in Arizona as
            investments to hold for future appreciation.

            On January 28, 1990 the Partnership offering was closed.  The total
            raised during the offering period was $2,525,300 or 25,253 units.


            Duration of Partnership
            -----------------------

            It  is  the  intention  of  the Partnership to acquire property for
            investment  and  appreciation  purposes.    The   Partnership  may,
            however, sell a portion or all of the properties in the future with
            a  view towards liquidation of the Partnership.  Such  sales  could
            occur  approximately  two to five years after property acquisition.
            However,  if  not  terminated  prior  to  December  31,  2004,  the
            Partnership shall cease to exist at that date.

            Amortization of Organization Costs
            ----------------------------------

            Organization costs represent  costs  incurred  during the formation
            period of the Partnership and are being amortized over 60 months.

            Amortization of Loan Fees
            -------------------------

            Loan fees represent costs incurred in obtaining  a note
            payable.   These  costs  are  being  amortized  over 24
            months.





                                      -1-


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004


NOTE 1:     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
            ------------------------------------------------------

            Syndication Costs
            -----------------

            Syndication costs represent commissions incurred  on  the  sale  of
            limited  partnership  interests  and  the  costs  of  preparing the
            limited  partnership  prospectus.   These  costs have been  charged
            against partners' contributions.

            Income Taxes
            ------------

            No provision for income taxes is made for the  Partnership  as  the
            reporting  and  payment  of income tax is the responsibility of the
            individual partners.

            Partners' Preferred Return on Capital Contributions
            ---------------------------------------------------

            As an incentive to early investment  and  the  purchase  of  larger
            numbers  of units, limited partners will receive a preferred return
            on  their  investment.   The  preferred  return  is  determined  by
            applying  a  preference   percentage   (based  upon  the  date  the
            contribution is received and the number  of units purchased) to the
            limited partner's adjusted capital account  balance  from the first
            day  of  the  month following the receipt of the limited  partner's
            investment to the date of recoupment of that Investment.

            Allocation of Net Profits, Losses, and Distributions to Partners
            ----------------------------------------------------------------

            Net profits, losses,  and  distributions  are allocated ninety-nine
            percent  (99%)  to  the limited partners in accordance  with  their
            respective capital percentages  and one percent (1%) to the general
            partners  until  the limited partners  have  collectively  received
            their preferred return on their adjusted capital contribution, then
            one hundred percent  (100%) to the general partners until they have
            received twenty-five percent (25%) of the distributions to partners
            after recoupment and program  return, and then seventy-five percent
            (75%)  of  the remainder to the limited  partners  and  twenty-five
            percent (25%) to the general partners.


                                      -2-


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004


NOTE 2:     CONTRIBUTIONS RECEIVABLE - PARTNERS
            -----------------------------------

            Amounts receivable from partners for capital
            contributions are as follows:

            General partners' contributions
              Herve J.R. Tessier
                (managing general partner)                              $   253
              TPI Asset Management, Inc.
                (managing general partner)                               25,000
                                                                        -------
                                                                        $25,253
                                                                        =======

            As of September  30,  2004, the general partners had not made their
            capital contributions.  The contributions will be paid prior to the
            partnership  dissolution.    Interest   is   not   charged  on  the
            contributions due.

NOTE 3:     LAND
            ----

            Costs  incurred by the Partnership for acquisition of  land  as  of
            September 30, 2004 are as follows:


              Florence Blvd. & Los Hermanos                        146,392.17*
                                                                  -----------
                                                                  $146,392.17
                                                                  ===========

            *received  water  company  refund  and proceeds were used to offset
            acquisition costs of land

NOTE 4:     PARTNERS' CAPITAL

            Partners'  capital  contributions received  and  subscribed  as  of
            September 30, 2004 are as follows:

              Limited partners contribution                        $ 2,525,300
              General partners contribution                             25,253
              Prior years retained earning(loss)                    (2,008,802)
               Current Year profit (loss)                            (24736.38)
                            Partners' Capital                         $517,014
                                                                    ==========

                                      -3-


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004

NOTE 5:     NOTE PAYABLE
            ------------

            This partnership is obligated under a promissory note for $580,200,
            dated December 14, 1993  to Secured Income 93B Limited Partnership.
            Interest of 14% shall accrue  to  the principal monthly, if unpaid.
            Unless sooner paid, the entire unpaid  interest and principal shall
            be due and payable on December 4, 1996.   These monies were used to
            implement the modification agreements discussed below.

            This partnership is obligated under a promissory  note  for $30,000
            dated  March  18,  1991,  secured by a deed of trust on partnership
            land, payable in quarterly  installments  of  interest  at  15% per
            annum.   Unpaid  interest  to  accrue  to principal.  Unless sooner
            paid, the entire unpaid interest and principal  shall  be  due  and
            payable  on  March 18, 1994.  The principal balance as of September
            30, 1994 is $30,000.

            Upon filing of  settlement  agreement  and note modifications dated
            March 17, 1993, the above notes were modified as follows:

            Principal balance of $450,000 plus accrued  interest of $211,725 as
            of  October  31,  1993  shall  accrue interest of  17.5%  effective
            November 1, 1993.  Monthly payments  of  interest only shall be due
            and  payable through November 1, 1994.  Thereafter,  principal  and
            interest  of  $16,624  shall  be  due  monthly  with  the remaining
            principal and interest all due and payable October 31,  1999.  This
            modification  shall go into effect if the partnership pays  to  the
            note holder $25,000  on or before November 1, 1993.  This principal
            balance has been reduced  to  $237,000  by  the  Promissory Note of
            December  14, 1993. Principal balance of $383, 212  shall  be  paid
            quarterly in  installments  of  $24,582  (principal  and  interest)
            beginning  March  30,  1995 with interest accruing from October  1,
            1992 at 10% per annum.   Remaining  principal and interest shall be
            all due and payable March 30, 1998.   Past  due interest to October
            1, 1992 of $86,223 shall be reduced in 1994 by impounded payment of


                                      -4-


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004


            $19160.58, the balance all due and payable March 30, 1998.

            These notes were satisfied during 2002 by the  deeding  of property
            to Secured Income 93B.

NOTE 6:     TPI  Asset  Management,  as general partner, has advanced operating
            funds of $16,063.00 to the partnership.

NOTE 7:     On  June  26,  1995,  the  partnership   filed   a   petition   for
            reorganization  under  Chapter  11 of the Bankruptcy Code.  In May,
            1997, the partnership emerged from Chapter 11 Bankruptcy.

NOTE 8:     Transequity Group, Inc., as the holding  company  of  the corporate
            general partner, has advanced operating funds of $33,200.00  to the
            partnership as of September 30, 2004.

NOTE 9:     On  May 10, 1996, the property at 32nd Street and Baseline Rd.  was
            foreclosed upon by the noteholder, Mr. Hicks.

NOTE 10:    On May  1,  1997,  the  Partnership borrowed $250,000 from TPI Land
            Investors I L.P. and $310,000 from TPI Land Investors II on a first
            trust  deed basis secured  by  the   Partnership's  remaining  real
            estate parcel  in Casa Grande, Arizona.  The proceeds from the note
            were used to replace  the  Ogsbury  note,  and  thus  refinance the
            Partnership  and  allow  it  to  emerge from Chapter 11 Bankruptcy.
            During  February  1998,  a  further  $20,000   was  loaned  to  the
            Partnership by TPI Land Investors II under the terms  of this note.
            During  2000,  an additional $370,000 was loaned to the Partnership
            by TPI Land Investors  II  under  the terms of this note. This note
            was paid during 2002 by the deeding  of  property  to TPI I and TPI
            II.


                                      -5-


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004




                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
               Management's Discussion and Analysis of Financial
               -------------------------------------------------
                     Conditions and Results of Operations
                     ------------------------------------

   On  January  28,  1990  the  Partnership offering was closed.  The  total
   raised during the offering was  $2,525,300  or  25,253  units.   The main
   source  of  income for the operating stage of the partnership is interest
   income from money  market  instruments  and  income  from sale of the now
   subdivided lots.  On April 20, 1990 the partnership obtained  a  loan  in
   the  amount  of  $450,000 for the purpose of eliminating an existing note
   and increasing the partnership's operating reserves.  The amount borrowed
   was determined by the payoff of the existing note and estimated operating
   expenses and other note obligations for two years.

   In the fall of 1990,  the  General  Partner  was involved in negotiations
   with the original note holder of Acquisition No.  1  -  Baseline and 32nd
   Street  to  restructure  the carryback on that parcel.  An agreement  had
   been reached in principal;  however,  negotiations were halted when legal
   problems arose with the Modification Agreement  and with the title to the
   commercial portion of the parcel, which was to have  been released to the
   Partnership at the time of purchase.

   To  restructure  its  debt  and reorganize the partnership,  the  General
   Partner filed a petition for  reorganization  under  Chapter  XI  of  the
   Bankruptcy Code.






                                      -6-


<PAGE>
                  TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP
                  -------------------------------------------
                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                              September 30, 2004




                                   SIGNATURES

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

TPI LAND DEVELOPMENT IV LIMITED PARTNERSHIP




By:  /s/ Herve J. R. Tessier
     --------------------------------
     Herve J. R. Tessier

Date:       September 30, 2004
        ----------------------












                                      -7-