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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 September 30, 2001

OR

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

For the transition period from                to

Commission File Number 0-18528

INCOME GROWTH PARTNERS, LTD. X
(Exact name of registrant as specified in its charter)

|                                                               |  |                                    
|-------------------------------------------------------------- |  | -----------------------------------
|CALIFORNIA                                                     |  | 33-0294177                         
|(State or other jurisdiction of
incorporation or organization) |  | (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 November 13, 2001 was 18,826.5. The number of the
registrants Class A Units outstanding as of November 13, 2001 was
8,100.





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TABLE OF CONTENTS



|                               |                                                                                               |                                                     |  |  |  |  |  | 
|------------------------------ | --------------------------------------------------------------------------------------------- | --------------------------------------------------- |  |  |  |  |  | 
|PART I  FINANCIAL INFORMATION
|                               | ITEM 1. FINANCIAL STATEMENTS                                                                 
|                               |                                                                                               | CONSOLIDATED BALANCE SHEETS                        
|                               |                                                                                               | CONSOLIDATED STATEMENTS OF OPERATIONS    UNAUDITED
|                               |                                                                                               | CONSOLIDATED STATEMENTS OF CASH FLOWS    UNAUDITED
|                               | 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 SUBSIDIARY
(A California Limited Partnership)
CONSOLIDATED BALANCE SHEETS

|                                                                                           |                                          |   |               |             |              |   |            |             |  
|------------------------------------------------------------------------------------------ | ---------------------------------------- | - | ------------- | ----------- | ------------ | - | ---------- | ----------- | -
|                                                                                           |                                          |   | September 30, |             | December 31,
|                                                                                           |                                          |   | 2001          |             | 2000        
|                                                                                           |                                          |   |               |             |             
|                                                                                           |                                          |   | unaudited     |             |              |   |           
|ASSETS                                                                                     |                                          |   |               |             |              |   |            |            
|Rental properties                                                                          |                                          |   |               |             |              |   |            |            
|                                                                                           | Land                                     |   | $             | 7,078,365   |              |   | $          | 7,078,365   |  
|                                                                                           | Buildings and improvements               |   |               | 22,388,876  |              |   |            | 22,078,598  |  
|                                                                                           |                                          |   |               |             |              |   |            |            
|                                                                                           |                                          |   | 29,467,241    |             |              |   | 29,156,963 |            
|                                                                                           | Less accumulated depreciation            |   |               | (11,817,417 | )            |   |            | (11,186,735 | )
|                                                                                           |                                          |   |               |             |              |   |            |            
|                                                                                           |                                          |   | 17,649,824    |             |              |   | 17,970,228 |            
|Cash and cash equivalents                                                                  |                                          |   | 402,175       |             |              |   | 599,660    |            
|Deferred loan fees, net of accumulated amortization
of $293,780 and $243,969, respectively |                                          |   | 483,403       |             |              |   | 533,334    |            
|Prepaids and other assets                                                                  |                                          |   | 255,533       |             |              |   | 127,200    |            
|                                                                                           |                                          |   |               |             |              |   |            |            
|                                                                                           |                                          | $ | 18,790,935    |             |              | $ | 19,230,422 |            
|                                                                                           |                                          |   |               |             |              |   |            |            
|LIABILITIES AND PARTNERS CAPITAL (DEFICIT)                                                |                                          |   |               |             |              |   |            |            
|Mortgage loans payable                                                                     |                                          | $ | 18,999,490    |             |              | $ | 19,170,729 |            
|Other liabilities                                                                          |                                          |   |               |             |              |   |            |            
|                                                                                           | Loan payable to affiliates               |   |               | 9,703       |              |   |            | 18,703      |  
|                                                                                           | Accounts payable and accrued liabilities |   |               | 208,482     |              |   |            | 177,008     |  
|                                                                                           | Accrued interest payable                 |   |               | 125,699     |              |   |            | 125,699     |  
|                                                                                           | Security deposits                        |   |               | 230,775     |              |   |            | 232,852     |  
|                                                                                           |                                          |   |               |             |              |   |            |            
|                                                                                           |                                          |   | 19,574,149    |             |              |   | 19,724,991 |            
|Commitments and contingencies                                                              |                                          |   |               |             |              |   |            |            
|Partners capital (deficit)                                                                |                                          |   | (773,214      | )           |              |   | (484,569   | )          
|Note receivable from general partner                                                       |                                          |   | (10,000       | )           |              |   | (10,000    | )          
|                                                                                           |                                          |   |               |             |              |   |            |            
|                                                                                           |                                          | $ | 18,790,935    |             |              | $ | 19,230,422 |            
|                                                                                           |                                          |   |               |             |              |   |            |            

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

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS    UNAUDITED

|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |           |           | 
|--------------------------------------------------- | --------------------------------------- | -------------- | --------- | -------------------- | --------- | ------------------- | --------- | --------- | --------- | ---- | --------- | --------- | --------- | - | --------- | --------- | --------- | 
|                                                    |                                         |                |           | FOR THE THREE MONTHS |           | FOR THE NINE MONTHS
|                                                    |                                         |                |           | ENDED SEPTEMBER 30,  |           | ENDED SEPTEMBER 30,
|                                                    |                                         |                |           |                      |           |                    
|                                                    |                                         |                |           | 2001                 |           | 2000                |           | 2001      |           | 2000
|                                                    |                                         |                |           |                      |           |                     |           |           |           |     
|REVENUES                                            |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|                                                    | Rents                                   |                | $         | 1,258,628            |           |                     | $         | 1,166,752 |           |      | $         | 3,727,217 |           |   | $         | 3,438,360 |          
|                                                    | Other                                   |                |           | 51,018               |           |                     |           | 134,987   |           |      |           | 262,956   |           |   |           | 237,330   |          
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|                                                    |                                         | Total revenues |           |                      | 1,309,646 |                     |           |           | 1,301,739 |      |           |           | 3,990,173 |   |           |           | 3,675,690 | 
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|EXPENSES                                            |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|                                                    | Operating expenses                      |                |           | 582,793              |           |                     |           | 620,542   |           |      |           | 1,792,873 |           |   |           | 1,554,131 |          
|                                                    | Depreciation and amortization           |                |           | 232,324              |           |                     |           | 230,254   |           |      |           | 680,613   |           |   |           | 691,187   |          
|                                                    | Interest                                |                |           | 366,872              |           |                     |           | 373,507   |           |      |           | 1,100,022 |           |   |           | 1,119,385 |          
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|Total expenses                                      |                                         |                | 1,181,989 |                      |           |                     | 1,224,303 |           |           |      | 3,573,508 |           |           |   | 3,280,628 |          
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|Net income                                          |                                         | $              | 127,657   |                      |           | $                   | 77,436    |           |           | $    | 416,665   |           |           | $ | 310,987   |          
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|BASIC AND DILUTED PER LIMITED PARTNERSHIP UNIT DATA |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|                                                    | Net income per limited partnership unit |                | $         | 4.03                 |           |                     | $         | 2.44      |           |      | $         | 13.15     |           |   | $         | 9.82      |          
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          
|Weighted average limited partnership units          |                                         |                | 26,926    |                      |           |                     | 26,926    |           |           |      | 26,926    |           |           |   | 26,926    |          
|                                                    |                                         |                |           |                      |           |                     |           |           |           |      |           |           |           |   |           |          

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

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS    UNAUDITED

|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |          |         |          |          |  
|------------------------------------------------ | -------------------------------------------------------------------------------- | ----------------------------- | ------------------------------------------------------------------ | ---------------------------------------------------- | ------- | ------------------- | -------- | -------- | ------- | -------- | -------- | -
|                                                 |                                                                                  |                               |                                                                    |                                                      |         | FOR THE NINE MONTHS
|                                                 |                                                                                  |                               |                                                                    |                                                      |         | ENDED SEPTEMBER 30,
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                    
|                                                 |                                                                                  |                               |                                                                    |                                                      |         | 2001                |          | 2000    
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|CASH FLOWS FROM OPERATING ACTIVITIES             |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 | Net income                                                                       |                               | $                                                                  | 416,665                                              |         |                     | $        | 310,987  |        
|                                                 | Adjustments to reconcile net income to net cash provided by
operating activities |                               |                                                                    |                                                      |         |                     |          |          |        
|                                                 |                                                                                  | Depreciation and amortization |                                                                    |                                                      | 680,613 |                     |          |          | 691,187 |         
|                                                 |                                                                                  |                               |                                                                    | (Increase) in                                        |         |                     |          |          |         |          |          |  
|                                                 |                                                                                  |                               | Prepaid expenses and other assets                                  |                                                      |         | (128,332            | )        |          |         | (366,968 | )       
|                                                 |                                                                                  |                               |                                                                    | Increase in                                          |         |                     |          |          |         |          |          |  
|                                                 |                                                                                  |                               | Accounts payable, accrued liabilities and accrued
interest payable |                                                      |         | 31,473              |          |          |         | 121,248  |         
|                                                 |                                                                                  |                               | Security deposits                                                  |                                                      |         | (2,077              | )        |          |         | 13,675   |         
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 |                                                                                  |                               |                                                                    | Net cash provided by operating activities            |         |                     | 998,342  |          |         |          | 770,129  |  
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|CASH FLOWS FROM INVESTING ACTIVITIES             |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 | Capital expenditures                                                             |                               |                                                                    | (310,278                                             | )       |                     |          | (85,415  | )      
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 |                                                                                  |                               |                                                                    | Net cash used in investing activities                |         |                     | (310,278 | )        |         |          | (85,415  | )
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|CASH FLOWS FROM FINANCING ACTIVITIES             |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 | Principal payments under mortgage debt                                           |                               |                                                                    | (171,239                                             | )       |                     |          | (118,910 | )      
|                                                 | Principal payments to affiliate                                                  |                               |                                                                    | (9,000                                               | )       |                     |          | (29,837  | )      
|                                                 | Distributions to Investors                                                       |                               |                                                                    | (705,310                                             | )       |                     |          | (485,615 | )      
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 |                                                                                  |                               |                                                                    | Net cash used in financing activities                |         |                     | (885,549 | )        |         |          | (634,362 | )
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 |                                                                                  |                               |                                                                    | Net increase (decrease) in cash and cash equivalents |         |                     | (197,485 | )        |         |          | 50,352   |  
|Cash and cash equivalents at beginning of period |                                                                                  |                               | 599,660                                                            |                                                      |         |                     | 434,712  |         
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         
|                                                 |                                                                                  |                               |                                                                    | Cash and cash equivalents at end of period           |         | $                   | 402,175  |          |         | $        | 485,064  |  
|                                                 |                                                                                  |                               |                                                                    |                                                      |         |                     |          |         

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

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



|1. |  | BASIS OF FINANCIAL STATEMENT PRESENTATION:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | The accompanying unaudited consolidated financial statements of Income
Growth Partners, Ltd. X, a California limited partnership, and subsidiary
(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
financial statements and the notes thereto included in the Partnerships
latest audited financial statements for the year ended December 31, 2000
filed on Form 10K.
|  
|   |  | 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 partners, 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.                                                                                                                                                                                                                                                                                                                                                                                                                                       
|  
|   |  | In June 2001, the Financial Accounting Standards Board finalized FASB
Statements No. 141, Business Combinations (SFAS 141), and No. 142,
Goodwill and Other Intangible Assets (SFAS 142). The Company does not
expect SFAS 141 and 142 to have an impact on its financial position or
the results of operations or cash flows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  
|   |  | Certain prior period amounts have been reclassified to conform with the
current period presentation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A CALIFORNIA LIMITED PARTNERSHIP)




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. |  | 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 nine months ended September 30, 2001, 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 nine months ended
September 30, 2001 was approximately $998,000 compared to
approximately $770,000 for the same period in 2000. The principal
reason for this increase can be attributed to an increase in net
income and decrease in prepaid expenses for the period.                                                                                                                                                                                                                                                                                                                                                                                                
|
| |    |  | Net cash used in investing activities for the nine months ended
September 30, 2001 was approximately $310,000 compared to
approximately $85,000 for the same period in 2000. The principal
reason for this increase was an increase in capital expenditures.                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| |    |  | Net cash used in financing activities for the nine months ended
September 30, 2001 was approximately $885,000 compared to
approximately $634,000 for the same period in 2000. The principal
reason for this increase was an increase in principal payments and
distributions to investors.                                                                                                                                                                                                                                                                                                                                                                                                                              

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)



| | b. |  | Results of Operations:                                                                                                                                                                                                                                                                                                 
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | COMPARISON OF THREE MONTHS ENDED SEPTEMBER 30, 2001 TO THE THREE
MONTHS ENDED SEPTEMBER 30, 2000.                                                                                                                                                                                                                      
|
| |    |  | Rental revenue for the three months ended September 30, 2001 was
approximately $1,259,000, an increase of 7.80% over rents of
approximately $1,167,000 for the comparable period in 2000. 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 September 30, 2001 were
approximately $583,000, a decrease of 6.12 % over operating expenses
of approximately $621,000 for the comparable period in 2000. The
decrease is primarily attributable to a decrease in property
maintenance costs and in partnership expenses.
|
| |    |  | COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 2001 TO THE NINE MONTHS
ENDED SEPTEMBER 30, 2000.                                                                                                                                                                                                                        
|
| |    |  | Rental revenue for the nine months ended September 30, 2001 was
approximately $3,727,000, an increase of 8.41% over rents of
approximately $3,438,000 for the comparable period in 2000. The
increase is primarily attributable to an increase in monthly tenant
rental rates and steady average occupancy rates.      
|
| |    |  | Operating expenses for the nine months ended September 30, 2001 were
approximately $1,793,000, an increase of 15.38% over operating
expenses of approximately $1,554,000 for the comparable period in
2000. The increase is primarily attributable to an increase in
property maintenance and partnership expenses.    

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




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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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: November 13, 2001



| | 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
| | -------------------------------------------------------------------------------------------

9