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

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

    For the quarterly period ended March 31, 2000

                                       OR

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

    For the transition period from December 31, 1999 to March 31, 2000

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                              (I.R.S. Employer
incorporation or organization)                              Identification No.)

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

                                 (619) 457-2750
              (Registrant's telephone number, including area code)


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

Indicate by check mark whether the registration (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
filing requirements for the past 90 days. Yes [X] No [ ]

The number of the registrant's Original Limited Partnership Units outstanding as
of May 14, 1999 was 18,826.5. The number of the registrant's Class A Units
outstanding as of May 14, 1999 was 8,100.

<PAGE>   2

                         PART I - FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS

<PAGE>   3
INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                             March 31           December 31,
                                                               2000                 1999
<S>                                                        <C>                  <C>
ASSETS
Rental properties
   Land                                                    $  7,078,365         $  7,078,365
   Buildings and improvements                                21,987,832           21,907,461
                                                           ------------         ------------

                                                             29,066,197           28,985,826
   Less accumulated depreciation                            (10,534,395)         (10,316,949)
                                                           ------------         ------------

                                                             18,531,802           18,668,877

Cash and cash equivalents                                       369,164              434,712
Deferred loan fees, net of accumulated amortization
   of $201,398 and $188,166, respectively                       575,785              589,017
Prepaids and other assets                                       258,850              125,864
                                                           ------------         ------------

                                                           $ 19,735,601         $ 19,818,470
                                                           ============         ============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgage loans payable                                     $ 19,363,466         $ 19,382,900

Other liabilities
   Loan payable to affiliates                                    46,040               48,540
   Accounts payable and accrued liabilities                     177,987              172,559
   Accrued interest payable                                     125,699              120,684
   Security deposits                                            225,802              217,757
                                                           ------------         ------------

                                                             19,938,994           19,942,440

Commitments and contingencies

Partners' capital (deficit)                                    (193,393)            (113,970)
Note receivable from general partner                            (10,000)             (10,000)
                                                           ------------         ------------

                                                           $ 19,735,601         $ 19,818,470
                                                           ============         ============
</TABLE>


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



                                      -2-
<PAGE>   4
INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                              2000               1999
<S>                                                        <C>                <C>
REVENUES
   Rents                                                   $ 1,137,590        $ 1,033,563
   Other                                                        50,896             57,063
                                                           -----------        -----------

         Total revenues                                      1,188,486          1,090,627
                                                           -----------        -----------

EXPENSES
   Operating expenses                                          498,494            535,123
   Depreciation and amortization                               230,680            231,798
   Interest                                                    391,025            379,292
                                                           -----------        -----------

         Total expenses                                      1,120,199          1,146,213
                                                           -----------        -----------

Net income (loss)                                          $    68,287        $   (55,586)
                                                           ===========        ===========

BASIC AND DILUTED PER LIMITED PARTNERSHIP UNIT DATA
   Net income (loss) per limited partnership unit          $      2.54        $     (2.06)
                                                           ===========        ===========

Weighted average limited partnership units                      26,926             26,926
                                                           ===========        ===========
</TABLE>


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



                                      -3-
<PAGE>   5
INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                                                           2000              1999
<S>                                                                      <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income (loss)                                                     $  68,287         $ (55,586)
   Adjustments to reconcile net loss to net cash provided by
     operating activities
       Depreciation and amortization                                       230,680           231,798
       (Increase) in
         Prepaid expenses and other assets                                (255,488)            2,076
         Deferred loan fees                                                122,500                --
       Increase in
         Accounts payable, accrued liabilities and accrued
           interest payable                                                 10,443            72,762
         Security deposits                                                   8,045             2,900
                                                                         ---------         ---------

             Net cash provided by operating activities                     184,467           252,951
                                                                         ---------         ---------

CASH FLOWS FROM INVESTING ACTIVITIES
   Capital expenditures                                                    (80,371)          (39,637)
                                                                         ---------         ---------

             Net cash used in investing activities                         (80,371)          (39,637)
                                                                          ---------         ---------

CASH FLOWS FROM FINANCING ACTIVITIES
   Principal payments under mortgage debt                                  (19,434)          (44,463)
   Principal payments to affiliate                                          (2,500)               --
   Distributions to Investors                                             (147,710)          (78,842)
                                                                         ---------         ---------

             Net cash used by financing activities                        (169,644)         (123,305)
                                                                         ---------         ---------

             Net increase (decrease) in cash and cash equivalents          (65,548)           90,009
                                                                         ---------         ---------

Cash and cash equivalents at beginning of period                           434,712           441,909
                                                                         ---------         ---------

             Cash and cash equivalents at end of period                  $ 369,164         $ 531,918
                                                                         =========         =========
</TABLE>


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



                                      -4-
<PAGE>   6

INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000 AND 1999
--------------------------------------------------------------------------------


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, 1999
        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.

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



                                      -5-
<PAGE>   7
INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000 AND 1999
--------------------------------------------------------------------------------


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 three months ended March
                31, 2000, all of the Partnership's operating and debt service
                cash requirements have been met through cash generated from
                operations.

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

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

                Net cash provided by operating activities for the three months
                ended March 31, 2000 was approximately $184,467 compared to
                approximately $253,951 for the same period in 1999. The
                principal reason for this decrease can be attributed to cash
                payments made for impound accounts.

                Net cash used in investing activities for the three months ended
                March 31, 2000 was approximately $80,371 compared to
                approximately $39,637 for the same period in 1999. The principal
                reason for this increase was an increase in capital
                expenditures.

                Net cash used in financing activities for the three months ended
                March 31, 2000 was approximately $169,644 compared to
                approximately $123,305 for the same period in 1999. The
                principal reason for this increase was an increase in
                distributions to investors.



                                      -6-
<PAGE>   8
INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000 AND 1999
--------------------------------------------------------------------------------


           b.   Results of Operations:

                COMPARISON OF THREE MONTHS ENDED MARCH 31, 2000 TO THE THREE
                MONTHS ENDED MARCH 31, 1999.

                Rental revenue for the three months ended March 31, 2000 was
                approximately $1,137,590, an increase of 10% over rents of
                approximately $1,033,563 for the comparable period in 1999. The
                increase is primarily attributable to an increase in monthly
                tenant rental rates and steady average occupancy rates.

                Operating expenses for the three months ended March 31, 2000
                were approximately $498,494, a decrease of 7% over operating
                expenses of approximately $535,123 for the comparable period in
                1999. The decrease is primarily attributable to a decrease in
                administration expenses.


                                      -7-
<PAGE>   9
INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000 AND 1999
--------------------------------------------------------------------------------

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



                                      -8-
<PAGE>   10

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


                                   SIGNATURES


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

Date:  May 12, 2000


                                 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-