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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
SECURITIESEXCHANGE ACT OF 1934
|--- | --------------------------------------------------------------------------------------

For the quarterly period ended September 30, 2002

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 6, 2002 was 18,826.5. The number of the
registrants Class A Units outstanding as of November 6, 2002 was
8,100.

1



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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                
|                               |                                                                                               | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 2002 AND 2001
|                               | 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                    
|EXHIBIT INDEX                 
|EXHIBIT 99.1                  
|EXHIBIT 99.2                  



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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
CONSOLIDATED BALANCE SHEETS




PART I  FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS




|                                                                                           |                                          |   |              |             |              |   |            |             |  
|------------------------------------------------------------------------------------------ | ---------------------------------------- | - | ------------ | ----------- | ------------ | - | ---------- | ----------- | -
|                                                                                           |                                          |   | September 30 |             |              |   |           
|                                                                                           |                                          |   | 2002         |             | December 31,
|                                                                                           |                                          |   | unaudited    |             | 2001        
|                                                                                           |                                          |   |              |             |             
|ASSETS                                                                                     |                                          |   |              |             |              |   |            |            
|Rental properties                                                                          |                                          |   |              |             |              |   |            |            
|                                                                                           | Land                                     |   | $            | 7,078,365   |              |   | $          | 7,078,365   |  
|                                                                                           | Buildings and improvements               |   |              | 22,863,891  |              |   |            | 22,447,049  |  
|                                                                                           |                                          |   |              |             |              |   |            |            
|                                                                                           |                                          |   | 29,942,256   |             |              |   | 29,525,414 |            
|                                                                                           | Less accumulated depreciation            |   |              | (12,671,730 | )            |   |            | (12,033,933 | )
|                                                                                           |                                          |   |              |             |              |   |            |            
|                                                                                           |                                          |   | 17,270,526   |             |              |   | 17,491,481 |            
|Cash and cash equivalents                                                                  |                                          |   | 354,663      |             |              |   | 429,729    |            
|Deferred loan fees, net of accumulated amortization
of $393,091 and $325,275, respectively |                                          |   | 384,092      |             |              |   | 451,908    |            
|Prepaids and other assets                                                                  |                                          |   | 265,690      |             |              |   | 186,181    |            
|                                                                                           |                                          |   |              |             |              |   |            |            
|                                                                                           |                                          | $ | 18,274,971   |             |              | $ | 18,559,299 |            
|                                                                                           |                                          |   |              |             |              |   |            |            
|                                                                                          
|                                                                                          
|                                                                                          
|                                                                                          
|LIABILITIES AND PARTNERS DEFICIT                                                          |                                          |   |              |             |              |   |            |            
|                                                                                          
|                                                                                          
|                                                                                          
|                                                                                          
|Mortgage loans payable                                                                     |                                          | $ | 18,754,630   |             |              | $ | 18,939,550 |            
|Other liabilities                                                                          |                                          |   |              |             |              |   |            |            
|                                                                                           | Loan payable to affiliates               |   |              |            |              |   |            | 8,000       |  
|                                                                                           | Accounts payable and accrued liabilities |   |              | 217,610     |              |   |            | 241,171     |  
|                                                                                           | Accrued interest payable                 |   |              | 122,317     |              |   |            | 122,317     |  
|                                                                                           | Security deposits                        |   |              | 226,283     |              |   |            | 226,029     |  
|                                                                                           |                                          |   |              |             |              |   |            |            
|                                                                                           |                                          |   |              | 19,320,840  |              |   |            | 19,537,067  |  
|Commitments and contingencies                                                              |                                          |   |              |             |              |   |            |            
|Partners deficit                                                                          |                                          |   | (1,035,869   | )           |              |   | (967,768   | )          
|Note receivable from general partner                                                       |                                          |   | (10,000      | )           |              |   | (10,000    | )          
|                                                                                           |                                          |   |              |             |              |   |            |            
|                                                                                           |                                          | $ | 18,274,971   |             |              | $ | 19,559,299 |            
|                                                                                           |                                          |   |              |             |              |   |            |            

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

2



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

|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |           |  |           | 
|--------------------------------------------------- | --------------------------------------------------------- | - | -------------- | --------- | -------------------- | --------- | ------------------- | --------- | ---- | --------- | --------- | --------- |  | --------- | --------- | --------- |  | --------- | 
|                                                    |                                                           |   |                |           | FOR THE THREE MONTHS |           | FOR THE NINE MONTHS
|                                                    |                                                           |   |                |           | ENDED SEPTEMBER 30,  |           | ENDED SEPTEMBER 30,
|                                                    |                                                           |   |                |           |                      |           |                    
|                                                    |                                                           |   |                |           | 2002                 |           | 2001                |           | 2002 |           | 2001     
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |          
|REVENUES                                            |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|                                                    | Rents                                                     |   | $              | 1,431,588 |                      |           | $                   | 1,258,628 |      |           | $         | 4,040,495 |  |           | $         | 3,727,217 | 
|                                                    | Other                                                     |   |                | 23,737    |                      |           |                     | 51,018    |      |           |           | 157,371   |  |           |           | 262,956   | 
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|                                                    |                                                           |   | Total revenues |           |                      | 1,455,325 |                     |           |      | 1,309,646 |           |           |  | 4,197,866 |           |           |  | 3,990,173 | 
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|EXPENSES                                            |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|                                                    | Operating expenses                                        |   |                | 656,795   |                      |           |                     | 582,793   |      |           |           | 1,876,998 |  |           |           | 1,792,873 | 
|                                                    | Depreciation and amortization                             |   |                | 235,668   |                      |           |                     | 232,324   |      |           |           | 705,613   |  |           |           | 680,613   | 
|                                                    | Interest                                                  |   |                | 362,210   |                      |           |                     | 366,872   |      |           |           | 1,086,341 |  |           |           | 1,100,022 | 
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|Total expenses                                      |                                                           |   | 1,254,673      |           |                      |           | 1,181,989           |           |      |           | 3,668,952 |           |  |           | 3,573,508 |          
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|Net income                                          |                                                           | $ | 200,652        |           |                      | $         | 127,657             |           |      | $         | 528,914   |           |  | $         | 416,665   |          
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|BASIC AND DILUTED PER LIMITED PARTNERSHIP UNIT DATA |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|                                                    | Net income per limited partnership unit                   |   | $              | 6.33      |                      |           | $                   | 4.03      |      |           | $         | 16.70     |  |           | $         | 13.15     | 
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|                                                    | Distributions per Class A limited unit holder
8,100 units |   | $              | 25.06     |                      |           | $                   | 25.00     |      |           | $         | 73.71     |  |           | $         | 87.08     | 
|                                                    |                                                           |   |                |           |                      |           |                     |           |      |           |           |           |  |           |           |          
|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 SUBSIDIARIES
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS   UNAUDITED

|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |          |         |          |          |  
|------------------------------------------------ | -------------------------------------------------------------------------------- | ----------------------------- | ----------------------------------------------------------------------------------------- | ------------------------------------------ | ------- | ------------------- | --------- | -------- | ------- | -------- | -------- | -
|                                                 |                                                                                  |                               |                                                                                           |                                            |         | FOR THE NINE MONTHS
|                                                 |                                                                                  |                               |                                                                                           |                                            |         | ENDED SEPTEMBER 30,
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                    
|                                                 |                                                                                  |                               |                                                                                           |                                            |         | 2002                |           | 2001    
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|CASH FLOWS FROM OPERATING ACTIVITIES             |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 | Net income                                                                       |                               | $                                                                                         | 528,914                                    |         |                     | $         | 416,665  |        
|                                                 | Adjustments to reconcile net income to net cash provided by
operating activities |                               |                                                                                           |                                            |         |                     |           |          |        
|                                                 |                                                                                  | Depreciation and amortization |                                                                                           |                                            | 705,613 |                     |           |          | 680,613 |         
|                                                 |                                                                                  |                               | (Increase) in Prepaid expenses and other assets                                           |                                            |         | (79,509             | )         |          |         | (128,332 | )       
|                                                 |                                                                                  |                               | Increase/(Decrease) in Accounts payable,
accrued liabilities and accrued interest payable |                                            |         | (23,561             | )         |          |         | 31,473   |         
|                                                 |                                                                                  |                               | Increase/(Decrease) in Security deposits                                                  |                                            |         | 254                 |           |          |         | (2,077   | )       
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 |                                                                                  |                               |                                                                                           | Net cash provided by operating activities  |         |                     | 1,131,711 |          |         |          | 998,342  |  
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|CASH FLOWS FROM INVESTING ACTIVITIES             |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 | Capital expenditures                                                             |                               |                                                                                           | (416,842                                   | )       |                     |           | (310,278 | )      
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 |                                                                                  |                               |                                                                                           | Net cash used in investing activities      |         |                     | (416,842  | )        |         |          | (310,278 | )
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|CASH FLOWS FROM FINANCING ACTIVITIES             |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 | Principal payments under mortgage debt                                           |                               |                                                                                           | (184,920                                   | )       |                     |           | (171,239 | )      
|                                                 | Principal payments to affiliate                                                  |                               |                                                                                           | (8,000                                     | )       |                     |           | (9,000   | )      
|                                                 | Distributions to Investors                                                       |                               |                                                                                           | (597,015                                   | )       |                     |           | (705,310 | )      
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 |                                                                                  |                               |                                                                                           | Net cash used in financing activities      |         |                     | (789,935  | )        |         |          | (885,549 | )
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 |                                                                                  |                               |                                                                                           | Net decrease in cash and cash equivalents  |         |                     | (75,066   | )        |         |          | (197,485 | )
|Cash and cash equivalents at beginning of period |                                                                                  |                               | 429,729                                                                                   |                                            |         |                     | 599,660   |         
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         
|                                                 |                                                                                  |                               |                                                                                           | Cash and cash equivalents at end of period |         | $                   | 354,663   |          |         | $        | 402,175  |  
|                                                 |                                                                                  |                               |                                                                                           |                                            |         |                     |           |         

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

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 2002 AND 2001



|1. |  | BASIS OF FINANCIAL STATEMENT PRESENTATION:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | 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
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 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.                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  
|   |  | 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 SEPTEMBER 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 nine months ended September 30, 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 nine months ended
September 30, 2002 was approximately $1,132,000 compared to
approximately $998,000 for the same period in 2001. The principal
reason for this increase can be attributed to an increase in net
income for the period.                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| |  |  | Net cash used in investing activities for the nine months ended
September 30, 2002 was approximately $417,000 compared to
approximately $310,000 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 nine months ended
September 30, 2002 was approximately $790,000 compared to
approximately $885,000 for the same period in 2001. The principal
reasons for this decrease was an increase in principal payments under
Mortgage Debt and 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 SEPTEMBER 2002 AND 2001



| |  |  | b. Liquidity and Capital Resources  (Continued):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | In October, 2001 the FASB issued SFAS No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets. SFAS No. 144
establishes a single accounting model, based on the framework
established in SFAS No. 121, Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of , for
long-lived assets to be disposed of by sale, and resolves significant
implementation issues related to SFAS No. 121. The adoption of this
statement had no material impact on the Companys financial
statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| |  |  | In April 2002, the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standards (SFAS) No. 145,
Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB
Statement No. 13, and Technical Corrections. SFAS No. 145 rescinds
SFAS No. 4, Reporting Gains and Losses from Extinguishment of Debt,
and an amendment of that SFAS, SFAS No. 64, Extinguishment of Debt
Made to Satisfy Sinking-Fund Requirements. SFAS No. 145 also rescinds
SFAS No. 44, Accounting for Intangible Assets of Motor Carriers.
Further, SFAS No. 145 amends SFAS No. 13, Accounting for Leases, to
eliminate an inconsistency between the required accounting for
sale-leaseback transactions and the required accounting for certain
lease modifications that have economic effects that are similar to
sale-leaseback transactions. SFAS No. 145 also amends other existing
authoritative pronouncements to make various technical corrections,
clarify meanings, or described their applicability under changed
conditions. This pronouncement requires gains and losses from
extinguishment of debt to be classified as an extraordinary item only
if the criteria in Accounting Principles Board Opinion No. 30,
Reporting the Results of Operations Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary, Unusual and
Infrequently Occurring Events and Transactions, have been met.
Further, lease modifications with economic effects similar to
sale-leaseback transactions must be accounted for in the same manner
as sale-leaseback transactions. The provisions of SFAS No. 145 related
to the rescission of SFAS No. 4 shall be applied in fiscal years
beginning after May 15, 2002. The provisions of SFAS No. 145 related
to Statement 13 shall be effective for transactions occurring after
May 15, 2002, with early application encouraged. The adoption of SFAS
No. 145 did not have a material impact on the Companys consolidated
financial position or results of operations for the nine months ended
September 30, 2002.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 2002 AND 2001



| | c. |  | Results of Operations:                                                                                                                                                                                                                                                                                                     
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | COMPARISON OF THREE MONTHS ENDED SEPTEMBER 30, 2002 TO THE THREE
MONTHS ENDED SEPTEMBER 30, 2001.                                                                                                                                                                                                                          
|
| |    |  | Rental revenue for the three months ended September 30, 2002 was
approximately $1,432,000, an increase of 13.74% over rents of
approximately $1,259,000 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 September 30, 2002 were
approximately $657,000, an increase of 12.69 % over operating expenses
of approximately $583,000 for the comparable period in 2001. The
increase is primarily attributable to an increase in property
maintenance costs and in partnership expenses. 
|
| |    |  | COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 2002 TO THE NINE MONTHS
ENDED SEPTEMBER 30, 2001.                                                                                                                                                                                                                            
|
| |    |  | Rental revenue for the nine months ended September 30, 2002 was
approximately $4,040,000, an increase of 8.40% over rents of
approximately $3,727,000 for the comparable period in 2001. The
increase is primarily attributable to an increase in monthly tenant
rental rates and generally steady average occupancy rates.
|
| |    |  | Operating expenses for the nine months ended September 30, 2002 were
approximately $1,877,000, an increase of 4.68% over operating expenses
of approximately $1,793,000 for the comparable period in 2001. The
increase is primarily attributable to an increase in property
maintenance and partnership expenses.         

8



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##### Table of Contents



INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES
(A California Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 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:

99.1 & 99.2

9



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##### Table of Contents



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: November 06, 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

10



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##### Table of Contents



INCOME GROWTH PARTNERS, LTD. X
A California Limited Partnership
CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Section 302 Certification

I, David W. Maurer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of
INCOME GROWTH PARTNERS, LTD. X, a California Limited Partnership (the
registrant);

2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this quarterly
report;

4. The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

| |                                                                                                                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this
quarterly report is being prepared;

| |                                                                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) evaluated the effectiveness of the registrants disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the Evaluation Date); and

| |                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5. The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):

| |                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrants
ability to record, process, summarize and report financial data and
have identified for the registrants auditors any material
weaknesses in internal controls; and

| |                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants
internal controls; and

6. The registrants other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies and
material weaknesses.

|                        |  |     |  |                                        
|----------------------- |  | --- |  | ---------------------------------------
|Date: November 06, 2002 |  |     |  | /s/ David W. Maurer                    
|                        |  | By: |  |                                        
|                        |  |     |  |                                        
|                        |  |     |  | David W. Maurer
Chief Executive Officer





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##### Table of Contents



INCOME GROWTH PARTNERS, LTD. X
A California Limited Partnership
CERTIFICATION OF CHIEF FINANCIAL OFFICER

Section 302 Certification

I, Timothy C. Maurer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of
INCOME GROWTH PARTNERS, LTD. X, a California Limited Partnership (the
registrant);

2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this quarterly
report;

4. The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

| |                                                                                                                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this
quarterly report is being prepared;

| |                                                                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) evaluated the effectiveness of the registrants disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the Evaluation Date); and

| |                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5. The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):

| |                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrants
ability to record, process, summarize and report financial data and
have identified for the registrants auditors any material
weaknesses in internal controls; and

| |                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants
internal controls; and

6. The registrants other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies and
material weaknesses.

|                        |  |     |  |                                          
|----------------------- |  | --- |  | -----------------------------------------
|                        |  |     |  |                                          
|Date: November 06, 2002 |  |     |  | /s/ Timothy C. Maurer                    
|                        |  | By: |  |                                          
|                        |  |     |  |                                          
|                        |  |     |  | Timothy C. Maurer
Chief Financial Officer





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##### Table of Contents






EXHIBIT INDEX

|               |  |                                                                                                                             
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------
|EXHIBIT NUMBER |  | DESCRIPTION                                                                                                                 
|               |  |                                                                                                                             
|99.1           |  | CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002  CEO
|              
|              
|              
|              
|99.2           |  | CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002  CFO