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FORM 10-QSB

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

|    |  |                                                                                        
|--- |  | ---------------------------------------------------------------------------------------
|[X] |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2002

OR

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

Commission File Number   0-18528

INCOME GROWTH PARTNERS, LTD. X

(Exact name of registrant as specified in its charter)

|                                                                          |  |                                                
|------------------------------------------------------------------------- |  | -----------------------------------------------
|CALIFORNIA
(State or other jurisdiction of
incorporation or organization) |  | 33-0294177
(I.R.S. Employer
Identification No.)

11300 Sorrento Valley Road, Suite 108, San Diego, California 92121
(Address of principal executive offices) (Zip Code)

(619) 457-2750

(Registrants telephone number, including area code)

(Former name, former address and former fiscal year,
if changed since last report)

Indicate by check mark whether the registration (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
filing requirements for the past 90 days. Yes [X] No [ ]

The number of the registrants Original Limited Partnership Units outstanding
as of May 13, 2002 was 18,826.5. The number of the registrants Class A Units
outstanding as of May 13, 2002 was 8,100.





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TABLE OF CONTENTS



|                               |                                                                                               |                                            |  |  |  |  |  | 
|------------------------------ | --------------------------------------------------------------------------------------------- | ------------------------------------------ |  |  |  |  |  | 
|PART I  FINANCIAL INFORMATION
|                               | ITEM 1. FINANCIAL STATEMENTS                                                                 
|                               |                                                                                               | CONSOLIDATED BALANCE SHEETS               
|                               |                                                                                               | STATEMENTS OF OPERATIONS                  
|                               |                                                                                               | STATEMENTS OF CASH FLOWS                  
|                               |                                                                                               | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|                               | ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|PART II  OTHER INFORMATION   
|                               | ITEM 1. LEGAL PROCEEDINGS:                                                                   
|                               | ITEM 2. CHANGES IN SECURITIES:                                                               
|                               | ITEM 3. DEFAULTS UPON SENIOR SECURITIES:                                                     
|                               | ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:                                 
|                               | ITEM 5. OTHER INFORMATION:                                                                   
|                               | ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:                                                    
|SIGNATURES                    



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PART I  FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS




INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A CALIFORNIA LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS

|                                                                                           |                                          |   |             |             |              |   |            |             |  
|------------------------------------------------------------------------------------------ | ---------------------------------------- | - | ----------- | ----------- | ------------ | - | ---------- | ----------- | -
|                                                                                           |                                          |   | March 31    |             | December 31,
|                                                                                           |                                          |   | 2002        |             | 2001        
|                                                                                           |                                          |   |             |             |             
|                                                                                           |                                          |   | (unaudited) |             |              |   |           
|ASSETS                                                                                     |                                          |   |             |             |              |   |            |            
|Rental properties                                                                          |                                          |   |             |             |              |   |            |            
|                                                                                           | Land                                     |   | $           | 7,078,365   |              |   | $          | 7,078,365   |  
|                                                                                           | Buildings and improvements               |   |             | 22,622,400  |              |   |            | 22,447,049  |  
|                                                                                           |                                          |   |             |             |              |   |            |            
|                                                                                           |                                          |   | 29,700,765  |             |              |   | 29,525,414 |            
|                                                                                           | Less accumulated depreciation            |   |             | (12,245,730 | )            |   |            | (12,033,933 | )
|                                                                                           |                                          |   |             |             |              |   |            |            
|                                                                                           |                                          |   | 17,455,035  |             |              |   | 17,491,481 |            
|Cash and cash equivalents                                                                  |                                          |   | 485,145     |             |              |   | 429,729    |            
|Deferred loan fees, net of accumulated amortization
of $347,822 and $325,275, respectively |                                          |   | 429,361     |             |              |   | 451,908    |            
|Prepaids and other assets                                                                  |                                          |   | 227,671     |             |              |   | 186,181    |            
|                                                                                           |                                          |   |             |             |              |   |            |            
|                                                                                           |                                          | $ | 18,597,212  |             |              | $ | 18,559,299 |            
|                                                                                           |                                          |   |             |             |              |   |            |            
|LIABILITIES AND PARTNERS CAPITAL (DEFICIT)                                                |                                          |   |             |             |              |   |            |            
|Mortgage loans payable                                                                     |                                          | $ | 18,876,531  |             |              | $ | 18,939,550 |            
|Other liabilities                                                                          |                                          |   |             |             |              |   |            |            
|                                                                                           | Loan payable to affiliates               |   |             | 8,000       |              |   |            | 8,000       |  
|                                                                                           | Accounts payable and accrued liabilities |   |             | 413,564     |              |   |            | 241,171     |  
|                                                                                           | Accrued interest payable                 |   |             | 122,317     |              |   |            | 122,317     |  
|                                                                                           | Security deposits                        |   |             | 220,868     |              |   |            | 226,029     |  
|                                                                                           |                                          |   |             |             |              |   |            |            
|                                                                                           |                                          |   | 19,641,280  |             |              |   | 19,537,067 |            
|Commitments and contingencies                                                              |                                          |   |             |             |              |   |            |            
|Partners capital (deficit)                                                                |                                          |   | (1,034,068  | )           |              |   | (967,768   | )          
|Note receivable from general partner                                                       |                                          |   | (10,000     | )           |              |   | (10,000    | )          
|                                                                                           |                                          |   |             |             |              |   |            |            
|                                                                                           |                                          | $ | 18,597,212  |             |              | $ | 18,559,299 |            
|                                                                                           |                                          |   |             |             |              |   |            |            

The accompanying notes are an integral part of these financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A CALIFORNIA LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

|                                                    |                                               |                |         |             |           |             |        |           |           | 
|--------------------------------------------------- | --------------------------------------------- | -------------- | ------- | ----------- | --------- | ----------- | ------ | --------- | --------- | 
|                                                    |                                               |                |         | 2002        |           | 2001       
|                                                    |                                               |                |         |             |           |            
|                                                    |                                               |                |         | (unaudited) |           | (unaudited)
|REVENUES                                            |                                               |                |         |             |           |             |        |          
|                                                    | Rents                                         |                | $       | 1,281,120   |           |             | $      | 1,214,634 |          
|                                                    | Other                                         |                |         | 70,723      |           |             |        | 88,390    |          
|                                                    |                                               |                |         |             |           |             |        |          
|                                                    |                                               | Total revenues |         |             | 1,351,843 |             |        |           | 1,303,024 | 
|                                                    |                                               |                |         |             |           |             |        |          
|EXPENSES                                            |                                               |                |         |             |           |             |        |          
|                                                    | Operating expenses                            |                |         | 620,852     |           |             |        | 646,949   |          
|                                                    | Depreciation and amortization                 |                |         | 234,344     |           |             |        | 224,854   |          
|                                                    | Interest                                      |                |         | 360,735     |           |             |        | 365,179   |          
|                                                    |                                               |                |         |             |           |             |        |          
|                                                    |                                               | Total expenses |         |             | 1,215,931 |             |        |           | 1,236,982 | 
|                                                    |                                               |                |         |             |           |             |        |          
|Net income                                          |                                               | $              | 135,912 |             |           | $           | 66,042 |          
|                                                    |                                               |                |         |             |           |             |        |          
|BASIC AND DILUTED PER LIMITED PARTNERSHIP UNIT DATA |                                               |                |         |             |           |             |        |          
|                                                    | Net income per limited partnership unit       |                | $       | 4.29        |           |             | $      | 2.08      |          
|                                                    |                                               |                |         |             |           |             |        |          
|                                                    | Distributions
per Class A limited unit holder |                | $       | 24.97       |           |             | $      | 31.00     |          
|                                                    |                                               |                |         |             |           |             |        |          
|Weighted average limited partnership units          |                                               |                | 26,926  |             |           |             | 26,926 |          
|                                                    |                                               |                |         |             |           |             |        |          

The accompanying notes are an integral part of these financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A CALIFORNIA LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |             |         |        |          |  
|------------------------------------------------ | -------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ----------------- | ------------------------------------------ | ------- | ----------- | -------- | ----------- | ------- | ------ | -------- | -
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         | 2002        |          | 2001       
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         | (unaudited) |          | (unaudited)
|CASH FLOWS FROM OPERATING ACTIVITIES             |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 | Net income                                                                                                     |                                                                                             | $                 | 135,912                                    |         |             | $        | 66,042      |        
|                                                 | Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation and amortization |                                                                                             |                   | 234,344                                    |         |             |          | 224,854     |        
|                                                 |                                                                                                                | (Increase) / Decrease in
Prepaid expenses and other assets                                  |                   |                                            | (41,490 | )           |          |             | 105,735 |       
|                                                 |                                                                                                                | Increase / (Decrease) in
Accounts payable, accrued liabilities and accrued
interest payable |                   |                                            | 172,393 |             |          |             | 40,379  |       
|                                                 |                                                                                                                |                                                                                             | Security deposits |                                            |         | (5,161      | )        |             |         | (2,138 | )       
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 |                                                                                                                |                                                                                             |                   | Net cash provided by operating activities  |         |             | 495,998  |             |         |        | 434,872  |  
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|CASH FLOWS FROM INVESTING ACTIVITIES             |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 | Capital expenditures                                                                                           |                                                                                             |                   | (175,351                                   | )       |             |          | (76,933     | )      
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 |                                                                                                                |                                                                                             |                   | Net cash used in investing activities      |         |             | (175,351 | )           |         |        | (76,933  | )
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|CASH FLOWS FROM FINANCING ACTIVITIES             |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 | Principal payments under mortgage debt                                                                         |                                                                                             |                   | (63,019                                    | )       |             |          | (58,574     | )      
|                                                 | Distributions to Investors                                                                                     |                                                                                             |                   | (202,212                                   | )       |             |          | (251,100    | )      
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 |                                                                                                                |                                                                                             |                   | Net cash used in financing activities      |         |             | (265,231 | )           |         |        | (309,674 | )
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 |                                                                                                                |                                                                                             |                   | Net increase in cash and cash equivalents  |         |             | 55,416   |             |         |        | 48,265   |  
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|Cash and cash equivalents at beginning of period |                                                                                                                |                                                                                             | 429,729           |                                            |         |             | 599,660  |            
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            
|                                                 |                                                                                                                |                                                                                             |                   | Cash and cash equivalents at end of period |         | $           | 485,145  |             |         | $      | 647,925  |  
|                                                 |                                                                                                                |                                                                                             |                   |                                            |         |             |          |            

The accompanying notes are an integral part of these financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2002 AND 2001

The accompanying unaudited consolidated financial statements of Income Growth
Partners, Ltd. X, a California limited partnership, and subsidiaries (the
Partnership) have been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and note disclosures
normally included in annual financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted
pursuant to those rules and regulations, although the Partnership believes that
the disclosures made are adequate to make the information presented not
misleading. These consolidated financial statements should be read in
conjunction with the consolidated financial statements and the notes thereto
included in the Partnerships latest audited financial statements for the year
ended December 31, 2001, filed on Form 10-KSB.

The accompanying consolidated financial statements have not been audited by
independent public accountants, but include all adjustments (consisting of
normal recurring adjustments) which are, in the opinion of the general partner,
necessary for a fair presentation of the financial condition, results of
operations and cash flows for the periods presented. However, these results are
not necessarily indicative of results for a full year.

Certain prior period amounts have been reclassified to conform with the current
period presentation.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2002 AND 2001




ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The following Managements Discussion and Analysis of Financial Condition and
Results of Operations should be read in conjunction with the financial
statements and notes thereto filed herewith.



|a. |  | Critical Accounting Standards
|-- |  | -----------------------------

Rental revenues are recognized at the beginning of each month based on the
current occupancy of the apartments. Tenant leases are generally for a minimum
term of six months with an option to rent on a month-to-month basis.

Land, buildings, and improvements are recorded at cost. Buildings and
improvements are depreciated using the straight-line method over the estimated
useful lives of 27.5 and 5 to 15 years, respectively. Expenditures for
maintenance and repairs are charged to expense as incurred. Significant
renovations are capitalized and depreciated over the remaining life of the
property. The Partnership assesses its property for impairment whenever events
or changes in circumstances indicate that the carrying amount of the property
may not be recoverable. Recoverability of property to be held and used is
measured by a comparison of the carrying amount of the property to future
undiscounted net cash flows expected to be generated by the property. If the
property is considered to be impaired, the impairment to be recognized is
measured by the amount by which the carrying amount of the property exceeds the
fair value of the property. The cost and related accumulated depreciation of
real estate are removed from the accounts upon disposition. Gains and losses
arising from the dispositions are reported as income or expense.



|b. |  | Liquidity and Capital Resources:
|-- |  | --------------------------------

Since inception, the Partnerships operating and debt service obligations have
been financed through the sale of Partnership Units, cash provided by operating
activities, and 1995 debt restructuring activities. During the three months
ended March 31, 2002, all of the Partnerships operating and debt service cash
requirements have been met through cash generated from operations.

The Mission Park mortgage was refinanced in December 1995 at a fixed interest
rate of 7.76%. The Shadowridge Meadows mortgage was refinanced in October 1997
at a fixed interest rate of
7.49%.

In the event that one or more of the properties is unable to support its debt
service and the Partnership is unable to cover operational shortfalls from cash
reserves, the Partnership may have to take one or more alternative courses of
action. The general partners would then determine, based on their analysis of
relevant economic conditions and the status of the properties, a course of
action intended to be consistent with the best interests of the Partnership.
Possible courses of action might include the sacrifice, sale or refinancing of
one or more of the properties, the entry into one or more joint venture
partnerships with other entities, or the filing of another bankruptcy petition.

Net cash provided by operating activities for the three months ended March 31,
2002, was approximately $496,000 compared to approximately $435,000 for the
same period in 2001. The principal reasons for this increase can be attributed
to increase in rental revenue and accounts payable and a decrease in prepaid
expenses.

Net cash used in investing activities for the three months ended March 31,
2002, was approximately $175,000 compared to approximately $77,000 for the same
period in 2001. The principal reason for this increase was an increase in
capital expenditures.

Net cash used in financing activities for the three months ended March 31,
2002, was approximately $265,000 compared to approximately $310,000 for the
same period in 2001. The principal reason for this decrease was a decrease in
distributions to investors.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A
CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2002 AND 2001



|c. |  | Results of Operations:
|-- |  | ----------------------

| |                                                                                           
| | ------------------------------------------------------------------------------------------
| | COMPARISON OF THREE MONTHS ENDED MARCH 31, 2002, TO THE THREE
MONTHS ENDED MARCH 31, 2001.

Rental revenue for the three months ended March 31, 2002, was approximately
$1,281,000, an increase of 5% over rents of approximately $1,215,000 for the
comparable period in 2001. The increase is primarily attributable to an
increase in monthly tenant rental rates and steady average occupancy rates.

Operating expenses for the three months ended March 31, 2002, were
approximately $621,000, a decrease of 4% over operating expenses of
approximately $647,000 for the comparable period in 2001. The decrease is
primarily attributable to a decrease in property and administration expenses.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2002 AND 2001




PART II  OTHER INFORMATION




ITEM 1. LEGAL PROCEEDINGS:

There are no pending legal proceedings which may have a material adverse effect
on the Partnership. However, the Partnership is involved in small claims court
proceedings against certain present or former tenants of its apartment
complexes with regard to landlord-tenant matters, all of which are considered
to be in the ordinary course of its business.




ITEM 2. CHANGES IN SECURITIES:

None




ITEM 3. DEFAULTS UPON SENIOR SECURITIES:

None




ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

None




ITEM 5. OTHER INFORMATION:

None




ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:

None

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
A CALIFORNIA LIMITED PARTNERSHIP




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.

Date:   May 13, 2002

| |  |                                                                  |  |                                                                                             |                        
| |  | ---------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------- | -----------------------
| |  | INCOME GROWTH PARTNERS, LTD. X,
a California Limited Partnership
|
| |  | By:                                                              |  | Income Growth Management, Inc.
General Partner                                             
|
| |  |                                                                  |  | By:                                                                                         | /s/   Timothy C. Maurer
| |  |                                                                  |  | Timothy C. Maurer
Principal Financial Officer AND
Duly Authorized Officer of the Registrant

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