FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND V L.P. -
SERIES 47 THROUGH 49

MARCH 31, 2006 AND 2005

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3
FINANCIAL STATEMENTS
BALANCE SHEETS		F-5
STATEMENTS OF OPERATIONS		F-9
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)		F-13
STATEMENTS OF CASH FLOWS		F-17
NOTES TO FINANCIAL STATEMENTS		F-25
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION		F-52

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of
Boston Capital Tax Credit Fund V L.P.

     We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. as of March 31, 2006 and 2005, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 and Boston Capital Tax Credit Fund V L.P. — Series 47 through 49 as of March 31, 2006 and 2005 and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 for Series 47, for the year ended March 31, 2006 and for the period May 11, 2004 (date of inception) through March 31, 2005 for Series 48, and for the year ended March 31, 2006 and for the period August 24, 2004 (date of inception) through March 31, 2005 for Series 49. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $8,840,840 and $0, of the total partnership assets as of March 31, 2006 and 2005, respectively, and $(75,556), $0 and $0, of total partnership income (loss) for the years ended March 31, 2006, 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004, respectively; of the assets for Series 47 as of March 31, 2006 and 2005, $214,954 and $0, respectively, and of the income (loss) for Series 47 for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004, $(34,998), $0 and $0, respectively; of the assets for Series 48 as of March 31, 2006 and 2005, $0 and $0, respectively, and of the income (loss) for Series 48 for the year ended March 31, 2006 and for the period May 11, 2004 (date of inception) through March 31, 2005, $0 and $0, respectively; of the assets for Series 49 as of March 31, 2006 and 2005, $8,625,886 and $0, respectively, and of the income (loss) for Series 49 for the year ended March 31, 2006 and for the period August 24, 2004 (date of inception) through March 31, 2005, $(40,558) and $0, respectively. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to those investee partnerships, is based solely on the reports of the other auditors.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

F-3

opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits, and the reports of the other auditors, provide a reasonable basis for our opinion.

     In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund V L.P. as of March 31, 2006 and 2005, and the results of its operations and its cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 for Series 47, for the period May 11, 2004 (date of inception) through March 31, 2005 for Series 48, and for the period August 24, 2004 (date of inception) through March 31, 2005 for Series 49 in conformity with accounting principles generally accepted in the United States of America.

     Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed under Item 15 (a) in the index are presented for the purpose of complying with the Securities and Exchange Commission’s rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audit and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.

/s/ Reznick Group, P. C.
Bethesda, Maryland
September 26, 2006

(continued)

F-4

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS
March 31,

	Total
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	81,059,042		$	69,531,720
OTHER ASSETS
Cash and cash equivalents		5,943,410			33,668,430
Investments		13,188,000			8,694,513
Notes receivable		2,704,935			766,381
Deferred acquisition costs, net of accumulated amortization		9,176,728			8,242,330
Other assets		3,211,955			6,080,173
	$	115,284,070		$	126,983,547
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	89,307		$	769,246
Accounts payable — affiliates		77,424			414,510
Capital contributions payable		18,897,103			33,501,526
Line of credit		—			—
		19,063,834			34,685,282
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 and 10,785,967, respectively, issued and outstanding at March 31, 2006 and 2005		96,375,672			92,416,511
General partner		(20,315	)		(5,469	)
Accumulated other comprehensive income (loss)		(135,121	)		(112,777	)
		96,220,236			92,298,265
	$	115,284,070		$	126,983,547

(continued)

F-5

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS — CONTINUED
March 31,

	Series 47
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	22,577,872		$	25,394,408
OTHER ASSETS
Cash and cash equivalents		753,086			1,965,813
Investments		2,408,534			5,789,950
Notes receivable		1,245,069			278,096
Deferred acquisition costs, net of accumulated amortization		2,753,098			2,797,910
Other assets		10,040			718,213
	$	29,747,699		$	36,944,390
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	4,135		$	135,103
Accounts payable — affiliates		—			244,399
Capital contributions payable		3,731,835			7,963,457
Line of credit		—			—
		3,735,970			8,342,959
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner 3,478,334 issued and outstanding at March 31, 2006 and 2005		26,050,212			28,675,468
General partner		(11,612	)		(3,843	)
Accumulated other comprehensive income (loss)		(26,871	)		(70,194	)
		26,011,729			28,601,431
	$	29,747,699		$	36,944,390

(continued)

F-6

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS — CONTINUED
March 31,

	Series 48
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	15,603,290		$	17,215,034
OTHER ASSETS
Cash and cash equivalents		966,312			3,559,396
Investments		930,979			2,904,563
Notes receivable		799,602			185,292
Deferred acquisition costs, net of accumulated amortization		1,853,941			1,996,000
Other assets		1,677			980,409
	$	20,155,801		$	26,840,694
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	115		$	77,805
Accounts payable — affiliates		—			121,984
Capital contributions payable		2,338,756			7,222,638
Line of credit		—			—
		2,338,871			7,422,427
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner 2,299,372 issued and outstanding at March 31, 2006 and 2005		17,835,057			19,462,122
General partner		(6,189	)		(1,272	)
Accumulated other comprehensive income (loss)		(11,938	)		(42,583	)
		17,816,930			19,418,267
	$	20,155,801		$	26,840,694

(continued)

F-7

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS — CONTINUED
March 31,

	Series 49
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	42,877,880		$	26,922,278
OTHER ASSETS
Cash and cash equivalents		4,224,012			28,143,221
Investments		9,848,487			—
Notes receivable		660,264			302,993
Deferred acquisition costs, net of accumulated amortization		4,569,689			3,448,420
Other assets		3,200,238			4,381,551
	$	65,380,570		$	63,198,463
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	85,057		$	556,338
Accounts payable — affiliates		77,424			48,127
Capital contributions payable		12,826,512			18,315,431
Line of credit		—			—
		12,988,993			18,919,896
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 and 5,008,261, respectively, issued and outstanding at March 31, 2006 and 2005		52,490,403			44,278,921
General partner		(2,514	)		(354	)
Accumulated other comprehensive income (loss)		(96,312	)		—
		52,391,577			44,278,567
	$	65,380,570		$	63,198,463

See notes to financial statements

F-8

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS

	Total
							For the period
							October 15,
							2003 (date of
							inception)
	Year ended			Year ended			through March
	March 31, 2006			March 31, 2005			31, 2004
Income
Interest income	$	858,542		$	362,852		$	3,814
Total income		858,542			362,852			3,814
Share of losses from operating limited partnerships		(4,952,042	)		(1,206,897	)		—
Expenses
Professional fees		158,894			47,918			4,512
Partnership management fee		981,445			635,518			13,945
Amortization		350,773			69,806			—
Organization costs		—			289,293			—
General and administrative expenses		353,971			278,308			7,858
		1,845,083			1,320,843			26,315
NET LOSS	$	(5,938,583	)	$	(2,164,888	)	$	(22,501	)
Net loss allocated to general partner	$	(14,846	)	$	(5,413	)	$	(56	)
Net loss allocated to assignees	$	(5,923,737	)	$	(2,159,475	)	$	(22,445	)
Net loss per BAC	$	(0.50	)	$	(0.34	)	$	(0.07	)

(continued)

F-9

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS — CONTINUED

	Series 47
							For the period
							October 15,
							2003 (date of
							inception)
	Year ended			Year ended			through March
	March 31, 2006			March 31, 2005			31, 2004
Income
Interest income	$	160,573		$	207,493		$	3,814
Total income		160,573			207,493			3,814
Share of losses from operating limited partnerships		(2,623,670	)		(992,975	)		—
Expenses
Professional fees		51,370			34,292			4,512
Partnership management fee		379,008			382,111			13,945
Amortization		108,243			51,236			—
Organization costs		—			99,946			—
General and administrative expenses		106,068			161,584			7,858
		644,689			729,169			26,315
NET LOSS	$	(3,107,786	)	$	(1,514,651	)	$	(22,501	)
Net loss allocated to general partner	$	(7,769	)	$	(3,787	)	$	(56	)
Net loss allocated to assignees	$	(3,100,017	)	$	(1,510,864	)	$	(22,445	)
Net loss per BAC	$	(0.89	)	$	(0.45	)	$	(0.07	)

(continued)

F-10

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS — CONTINUED

	Series 48
				For the period
				May 11, 2004
				(date of inception)
	Year ended March			through March
	31, 2006			31, 2005
Income
Interest income	$	63,719		$	92,821
Total income		63,719			92,821
Share of losses from operating limited partnerships		(1,646,509	)		(213,922	)
Expenses
Professional fees		27,320			9,671
Partnership management fee		230,913			189,107
Amortization		76,543			18,570
Organization costs		—			101,520
General and administrative expenses		49,114			68,651
		383,890			387,519
NET LOSS	$	(1,966,680	)	$	(508,620	)
Net loss allocated to general partner	$	(4,917	)	$	(1,272	)
Net loss allocated to assignees	$	(1,961,763	)	$	(507,348	)
Net loss per BAC	$	(0.85	)	$	(0.31	)

     Series 48 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-11

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS — CONTINUED

	Series 49
				For the period
				August 24, 2004
				(date of inception)
	Year ended March			through March
	31, 2006			31, 2005
Income
Interest income	$	634,250		$	62,538
Total income		634,250			62,538
Share of losses from operating limited partnerships		(681,863	)		—
Expenses
Professional fees		80,204			3,955
Partnership management fee		371,524			64,300
Amortization		165,987			—
Organization costs		—			87,827
General and administrative expenses		198,789			48,073
		816,504			204,155
NET LOSS	$	(864,117	)	$	(141,617	)
Net loss allocated to general partner	$	(2,160	)	$	(354	)
Net loss allocated to assignees	$	(861,957	)	$	(141,263	)
Net loss per BAC	$	(0.14	)	$	(0.11	)

     Series 49 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-12

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)- CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
				General			comprehensive			Comprehensive
Total	Assignees			partner			income			income (loss)			Total
Capital contributions	$	18,449,450		$	—		$	—					$	18,449,450
Sales and syndication costs		(2,549,390	)		—			—						(2,549,390	)
Comprehensive income (loss)
Net income (loss)		(22,445	)		(56	)		—		$	(22,501	)		(22,501	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			—			—			—
Total comprehensive income (loss)										$	(22,501	)
Partners’ capital (deficit), March 31, 2004		15,877,615			(56	)		—						15,877,559
Capital contributions		89,410,220			—			—						89,410,220
Sales and syndication costs		(10,711,849	)		—			—						(10,711,849	)
Comprehensive income (loss)
Net income (loss)		(2,159,475	)		(5,413	)		—		$	(2,164,888	)		(2,164,888	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(112,777	)		(112,777	)		(112,777	)
Total comprehensive income (loss)										$	(2,277,665	)
Partners’ capital (deficit), March 31, 2005		92,416,511			(5,469	)		(112,777	)					92,298,265
Capital contributions		9,916,881			—			—						9,916,881
Selling commissions and registration costs refund, net		(33,983	)		—			—						(33,983	)
Comprehensive income (loss)
Net income (loss)		(5,923,737	)		(14,846	)		—		$	(5,938,583	)		(5,938,583	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(22,344	)		(22,344	)		(22,344	)
Total comprehensive income (loss)										$	(5,960,927	)
Partners’ capital (deficit), March 31, 2006	$	96,375,672		$	(20,315	)	$	(135,121	)				$	96,220,236

See notes to financial statements

F-13

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
				General			comprehensive			Comprehensive
Series 47	Assignees			partner			income			income (loss)			Total
Capital contributions	$	18,449,450		$	—		$	—					$	18,449,450
Sales and syndication costs		(2,549,390	)		—			—						(2,549,390	)
Comprehensive income (loss)
Net income (loss)		(22,445	)		(56	)		—		$	(22,501	)		(22,501	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			—			—			—
Total comprehensive income (loss)										$	(22,501	)
Partners’ capital (deficit), March 31, 2004		15,877,615			(56	)		—						15,877,559
Capital contributions		16,333,890			—			—						16,333,890
Sales and syndication costs		(2,025,173	)		—			—						(2,025,173	)
Comprehensive income (loss)
Net income (loss)		(1,510,864	)		(3,787	)		—		$	(1,514,651	)		(1,514,651	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(70,194	)		(70,194	)		(70,194	)
Total comprehensive income (loss)										$	(1,584,845	)
Partners’ capital (deficit), March 31, 2005		28,675,468			(3,843	)		(70,194	)					28,601,431
Capital contributions		—			—			—						—
Selling commissions and registration costs refund, net		474,761			—			—						474,761
Comprehensive income (loss)
Net income (loss)		(3,100,017	)		(7,769	)		—		$	(3,107,786	)		(3,107,786	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			43,323			43,323			43,323
Total comprehensive income (loss)										$	(3,064,463	)
Partners’ capital (deficit), March 31, 2006	$	26,050,212		$	(11,612	)	$	(26,871	)				$	26,011,729

See notes to financial statements

F-14

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
				General			comprehensive			Comprehensive
Series 48	Assignees			partner			income			income (loss)			Total
Capital contributions	$	22,993,720		$	—		$	—					$	22,993,720
Sales and syndication costs		(3,024,250	)		—			—						(3,024,250	)
Comprehensive income (loss)
Net income (loss)		(507,348	)		(1,272	)		—		$	(508,620	)		(508,620	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(42,583	)		(42,583	)		(42,583	)
Total comprehensive income (loss)										$	(551,203	)
Partners’ capital (deficit), March 31, 2005		19,462,122			(1,272	)		(42,583	)					19,418,267
Capital contributions		—			—			—						—
Selling commissions and registration costs refund, net		334,698			—			—						334,698
Comprehensive income (loss)
Net income (loss)		(1,961,763	)		(4,917	)		—		$	(1,966,680	)		(1,966,680	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			30,645			30,645			30,645
Total comprehensive income (loss)										$	(1,936,035	)
Partners’ capital (deficit), March 31, 2006	$	17,835,057		$	(6,189	)	$	(11,938	)				$	17,816,930

     Series 48 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-15

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Year ended March 31, 2006 and for the period May 11,2004
(date of inception) through March 31, 2006

							Accumulated
							other
				General			comprehensive			Comprehensive
Series 49	Assignees			partner			income			income (loss)			Total
Capital contributions	$	50,082,610		$	—		$	—					$	50,082,610
Sales and syndication costs		(5,662,426	)		—			—						(5,662,426	)
Comprehensive income (loss)
Net income (loss)		(141,263	)		(354	)		—		$	(141,617	)		(141,617	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale		—			—			—			—			—
Total comprehensive income (loss)										$	(141,617	)
Partners’ capital (deficit), March 31, 2005		44,278,921			(354	)		—						44,278,567
Capital contributions		9,916,881			—			—						9,916,881
Selling commissions and registration costs refund, net		(843,442	)		—			—						(843,442	)
Comprehensive income (loss)
Net income (loss)		(861,957	)		(2,160	)		—		$	(864,117	)		(864,117	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale		—			—			(96,312	)		—			(96,312	)
Total comprehensive income (loss)										$	(864,117	)
Partners’ capital (deficit), March 31, 2006	$	52,490,403		$	(2,514	)	$	(96,312	)				$	52,391,577

Series 49 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-16

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS

	Total
							For the period
							October 15, 2003
							(date of
							inception)
	Year ended			Year ended March			through March
	March 31, 2006			31, 2005			31, 2004
Cash flows from operating activities
Net loss	$	(5,938,583	)	$	(2,164,888	)	$	(22,501	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		4,952,042			1,206,897			—
Distributions received from operating limited partnerships		—			738			—
Amortization		350,773			69,806			—
Changes in assets and liabilities
Other assets		1,889,910			616,574			(5,197,386	)
Accounts payable and accrued expenses		(679,939	)		317,125			452,121
Accounts payable — affiliates		(337,086	)		(278,032	)		692,542
Net cash provided by (used in) operating activities		237,117			(231,780	)		(4,075,224	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(29,690,059	)		(32,888,700	)		(3,610,137	)
(Advances) to repayments from operating limited partnerships		(2,241,547	)		130,668			(2,941,935	)
Purchase of investments (net of proceeds from sales and maturities of investments)		(4,515,831	)		(8,807,290	)		—
Capitalized expenses paid		—			(194,815	)		—
Acquisition costs paid for operating limited partnerships		(1,397,598	)		(7,019,881	)		(1,290,907	)
Net cash provided by (used in) investing activities		(37,845,035	)		(48,780,018	)		(7,842,979	)
Cash flows from financing activities
Capital contributions received		9,916,881			89,410,220			18,449,450
Sales and syndication costs paid		(33,983	)		(10,711,849	)		(2,549,390	)
Proceeds from line of credit		1,776,019			10,621,679			2,678,132
Repayment of line of credit		(1,776,019	)		(13,299,811	)		—
Net cash provided by (used in) financing activities		9,882,898			76,020,239			18,578,192
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(27,725,020	)		27,008,441			6,659,989
Cash and cash equivalents, beginning		33,668,430			6,659,989			—
Cash and cash equivalents, end	$	5,943,410		$	33,668,430		$	6,659,989

(continued)

F-17

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Total
					For the period
					October 15, 2003
					(date of
					inception)
	Year ended March		Year ended March		through March
	31, 2006		31, 2005		31, 2004
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	11,197,496	$	63,415,322	$	3,520,429
The partnership applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	1,281,301	$	545,525	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	298,935	$	—	$	—

(continued)

F-18

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 47
							For the period
							October 15, 2003
							(date of
							inception)
	Year ended			Year ended			through March
	March 31, 2006			March 31, 2005			31, 2004
Cash flows from operating activities
Net loss	$	(3,107,786	)	$	(1,514,651	)	$	(22,501	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		2,623,670			992,975			—
Distributions received from operating limited partnerships		—			738			—
Amortization		108,243			51,236			—
Changes in assets and liabilities
Other assets		708,173			5,000,226			(5,197,386	)
Accounts payable and accrued expenses		(130,968	)		(317,018	)		452,121
Accounts payable — affiliates		(244,399	)		(448,143	)		692,542
Net cash provided by (used in) operating activities		(43,067	)		3,765,363			(4,075,224	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(4,040,379	)		(14,160,426	)		(3,610,137	)
(Advances) to repayments from operating limited partnerships		(966,973	)		1,597,261			(2,941,935	)
Purchase of investments (net of proceeds from sales and maturities of investments)		3,424,739			(5,860,144	)		—
Capitalized expenses paid		—			(109,581	)		—
Acquisition costs paid for operating limited partnerships		(61,808	)		(1,557,234	)		(1,290,907	)
Net cash provided by (used in) investing activities		(1,644,421	)		(20,090,124	)		(7,842,979	)
Cash flows from financing activities
Capital contributions received		—			16,333,890			18,449,450
Sales and syndication costs paid		474,761			(2,025,173	)		(2,549,390	)
Proceeds from line of credit		—			7,265,139			2,678,132
Repayment of line of credit		—			(9,943,271	)		—
Net cash provided by (used in) financing activities		474,761			11,630,585			18,578,192
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,212,727	)		(4,694,176	)		6,659,989
Cash and cash equivalents, beginning		1,965,813			6,659,989			—
Cash and cash equivalents, end	$	753,086		$	1,965,813		$	6,659,989

(continued)

F-19

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 47
					For the period
					October 15, 2003
					(date of
					inception)
	Year ended		Year ended		through March
	March 31, 2006		March 31, 2005		31, 2004
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	88,771	$	19,148,979	$	3,520,429
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	—	$	545,525	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	290,858	$	—	$	—

(continued)

F-20

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 48
				For the period
				May 11, 2004
				(date of
				inception)
	Year ended			through March
	March 31, 2006			31, 2005
Cash flows from operating activities
Net loss	$	(1,966,680	)	$	(508,620	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		1,646,509			213,922
Distributions received from operating limited partnerships		—			—
Amortization		76,543			18,570
Changes in assets and liabilities
Other assets		424			(2,101	)
Accounts payable and accrued expenses		(77,690	)		77,805
Accounts payable — affiliates		(121,984	)		121,984
Net cash provided by (used in) operating activities		(442,878	)		(78,440	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(3,939,314	)		(10,168,890	)
(Advances) to repayments from operating limited partnerships		(614,310	)		(1,163,600	)
Purchase of investments (net of proceeds from sales and maturities of investments)		2,004,229			(2,947,146	)
Capitalized expenses paid		—			(37,771	)
Acquisition costs paid for operating limited partnerships		64,491			(2,014,227	)
Net cash provided by (used in) investing activities		(2,484,904	)		(16,331,634	)
Cash flows from financing activities
Capital contributions received		—			22,993,720
Sales and syndication costs paid		334,698			(3,024,250	)
Proceeds from line of credit		—			699,448
Repayment of line of credit		—			(699,448	)
Net cash provided by (used in) financing activities		334,698			19,969,470
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,593,084	)		3,559,396
Cash and cash equivalents, beginning		3,559,396			—
Cash and cash equivalents, end	$	966,312		$	3,559,396

(continued)

F-21

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 48
			For the period
			May 11, 2004
			(date of
			inception)
	Year ended		through March
	March 31, 2006		31, 2005
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	—	$	17,391,528
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	978,308	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	8,077	$	—

Series 48 was not formed until after March 31, 2004, therefore no comparative information included

(continued)

F-22

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 49
				For the period
				August 24, 2004
				(date of
				inception)
	Year ended			through March
	March 31, 2006			31, 2005
Cash flows from operating activities
Net loss	$	(864,117	)	$	(141,617	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		681,863			—
Distributions received from operating limited partnerships		—			—
Amortization		165,987			—
Changes in assets and liabilities
Other assets		1,181,313			(4,381,551	)
Accounts payable and accrued expenses		(471,281	)		556,338
Accounts payable — affiliates		29,297			48,127
Net cash provided by (used in) operating activities		723,062			(3,918,703	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(21,710,366	)		(8,559,384	)
(Advances) to repayments from operating limited partnerships		(660,264	)		(302,993	)
Purchase of investments (net of proceeds from sales and maturities of investments)		(9,944,799	)		—
Capitalized expenses paid		—			(47,463	)
Acquisition costs paid for operating limited partnerships		(1,400,281	)		(3,448,420	)
Net cash provided by (used in) investing activities		(33,715,710	)		(12,358,260	)
Cash flows from financing activities
Capital contributions received		9,916,881			50,082,610
Sales and syndication costs paid		(843,442	)		(5,662,426	)
Proceeds from line of credit		1,776,019			2,657,092
Repayment of line of credit		(1,776,019	)		(2,657,092	)
Net cash provided by (used in) financing activities		9,073,439			44,420,184
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(23,919,209	)		28,143,221
Cash and cash equivalents, beginning		28,143,221			—
Cash and cash equivalents, end	$	4,224,012		$	28,143,221

(continued)

F-23

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS-CONTINUED

	Series 49
			For the period
			August 24, 2004
			(date of
	Year ended		inception)
	March 31, 2006		through March 31, 2005
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	11,108,725	$	26,874,815
The partnership applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	302,993	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—

Series 49 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-24

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund V L.P. (the “fund” or “partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. The general partner of the fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V Assignor Corp. (the “assignor limited partner”).

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99.75% to the assignees and .25% to the general partner.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC’s representing capital contributions of $117,777,060.

The BAC’s issued and outstanding in each series at March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47		3,478,334		3,478,334
Series 48		2,299,372		2,299,372
Series 49		6,000,000		5,008,261
		11,777,706		10,785,967

F-25

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships

The fund accounts for its investments in operating limited partnerships using the equity method, whereby the fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the fund recognizes the individual operating limited partnership’s losses only to the extent that the fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

A loss in value of an investment in an operating limited partnership other than a temporary decline is recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment. In addition, deferred acquisition costs related to each investment are evaluated for impairment when an impairment loss has reduced an investment balance to zero.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year-end. The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end.

The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received.

F-26

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 — Revised (“FIN46R”), “Consolidation of Variable Interest Entities.” FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.

The Fund’s balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

F-27

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

During the years ended March 31, 2006 and 2005, the fund acquired interests in operating limited partnerships as follows:

	2006		2005
Series 47		—		12
Series 48		—		10
Series 49		13		8
		13		30

Deferred Acquisition Costs

Deferred acquisition costs are being amortized on the straight-line method over 27.5 years.

Accumulated amortization as of March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47	$	154,360	$	50,231
Series 48		93,305		18,227
Series 49		159,924		—
	$	407,589	$	68,458

The amortization of deferred acquisition costs for eash of the ensuing 5 years through March 31, 2011 is estimated to be $348,546 per year.

F-28

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Organization Costs

Initial organization and offering expenses common to all series are allocated on a percentage of equity raised to each series.

Organization costs are expensed as incurred.

Capitalized Expenses

Costs incurred in connection with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investments in operating limited partnerships. Such costs are being amortized on the straight-line method over 27.5 years.

Accumulated amortization for capitalized expenses as of March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47	$	5,119	$	1,005
Series 48		1,808		343
Series 49		6,063		—
	$	12,990	$	1,348

The amortization of capitalized expense for cash of the ensuing 5 years through March 31, 2011 is estimated to be $11,635 per year.

Selling Commissions and Registration Costs

Selling commissions paid in connection with the public offering are charged against the assignees’ capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees’ capital as incurred.

F-29

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes

No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

Cash and Cash Equivalents

Cash equivalents include repurchase agreements, tax-exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. During the ordinary course of business, amounts on deposit may exceed the FDIC-insured limit.

Fiscal Year

For financial reporting purposes, the fund uses a March 31 year-end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

Net Loss per Beneficial Assignee Certificate

Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47		3,478,334		3,365,262
Series 48		2,299,372		1,644,882
Series 49		5,937,626		1,333,753
		11,715,332		6,343,897

F-30

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments

Investments available-for-sale are being carried at fair value. Unrealized gains or losses are reported as other comprehensive income (loss). Realized gains or losses, determined on the basis of the costs of specific securities sold, are included in earnings.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

F-31

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS

During the year ended March 31, 2006 and 2005, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership(BCAM), as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The annual fund management fee charged to operations for the year ended for March 31, 2006, 2005, and 2004 are as follows:

	2006		2005		2004
Series 47	$	379,008	$	382,111	$	13,945
Series 48		230,913		189,107		—
Series 49		371,524		64,300		—
	$	981,445	$	635,518	$	13,945

General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the year ended March 31, 2006, 2005, and 2004 charged to each series operations are as follows:

	2006		2005		2004
Series 47	$	31,359	$	31,106	$	10,053
Series 48		26,802		29,419		—
Series 49		35,008		36,644		—
	$	93,169	$	97,169	$	10,053

F-32

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund’s offering of BACs. The dealer-manager fees are included in partners’ capital as selling commissions and registration costs. During the year ended March 31, 2006, 2005, and 2004 dealer manager fees incurred to Boston Capital Services, Inc. are as follows:

	2006		2005		2004
Series 47	$	—	$	286,163	$	226,254
Series 48		—		288,407		—
Series 49		138,469		711,433		—
	$	138,469	$	1,286,003	$	226,254

The amounts presented for Dealer-Manager Fee, as retained by Boston Capital Securities, Inc, have been adjusted to reflect reimbursements made in March 2006 of certain offering expenses, including expenses associated with wholesaling services, by Boston Capital Holdings Limited Partnership to the applicable fund. These payments were voluntarily made by Boston Capital Holdings Limited Partnership following an inquiry by the NASD of Boston Capital Securities, Inc. This inquiry has been resolved. For the year ended March 31, 2006 the amounts reimbursed by Boston Capital Holdings Limited Partnership were $381,232 and $270,271, for Series 47 and Series 48, respectively.

A receivable from affiliates had been recorded as of March 31, 2005 in the amount of $773,039. This was a result of recent regulatory guidance concerning the treatment of certain offering costs that were paid by the Fund. This receivable was reimbursed by Boston Capital Holdings Limited Partnership as of March 31, 2006.

Other assets at March 31, 2006 includes $531,000 of amounts due from affiliates for reimbursement of costs incurred for future series costs as the Investment General Partner has decided not to expand the fund.

F-33

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

Boston Capital Holdings Limited Partnership is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund’s acquisition of interests in the operating limited partnerships. During the year ended March 31, 2006, 2005, and 2004, acquisition fees incurred to Boston Capital Holdings Limited Partnership by series are as follows.

	2006		2005		2004
Series 47	$	—	$	1,045,369	$	1,180,765
Series 48		—		1,471,598		—
Series 49		634,685		3,205,252		—
	$	634,685	$	5,722,219	$	1,180,765

Accounts payable — affiliates at March 31, 2006, 2005, and 2004 represents acquisition fees, fund management fees, Operating Partnership loans and dealer-manager fees which are payable to Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

During the year ended March 31, 2006 and 2005, the fund reimbursed affiliates of the general partner for amounts in connection with the offering of BACs. These reimbursements include, but are not limited to, postage, printing, travel and overhead allocations and are included in partners’ capital as selling commissions and registrations costs at March 31, 2006 and 2005. During the year ended March 31, 2006 and 2005, the selling commission and registration costs incurred to affiliates by series are as follows:

	2006		2005		2004
Series 47	$	—	$	64,031	$	74,195
Series 48		—		69,484		—
Series 49		36,714		94,804		—
	$	36,714	$	228,319	$	74,195

F-34

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2006 and 2006, the fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnerships interests at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 47		15		15
Series 48		10		10
Series 49		21		8
		46		33

Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2006 and 2005, contributions are payable to operating limited partnerships as follows:

	2006		2005
Series 47	$	3,731,835	$	7,963,457
Series 48		2,338,756		7,222,638
Series 49		12,826,512		18,315,431
	$	18,897,103	$	33,501,526

F-35

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

     The fund’s investments in operating limited partnerships at March 31, 2006 is summarized as follows:

	Total			Series 47			Series 48			Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	86,912,823		$	26,088,302		$	17,425,267		$	43,399,254
Acquisition costs of operating limited partnerships		305,896			106,953			38,454			160,489
Cumulative distributions from operating limited partnerships		(738	)		(738	)		—			—
Cumulative losses from operating limited partnerships		(6,158,939	)		(3,616,645	)		(1,860,431	)		(681,863	)
Investments in operating limited partnerships per balance sheets		81,059,042			22,577,872			15,603,290			42,877,880

F-36

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

	Total			Series 47			Series 48			Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2006 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2005 (see note A).		(23,915,681	)		(4,433,357	)		(3,000,943	)		(16,481,381	)
The fund has recorded acquisition costs at March 31, 2006 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(305,897	)		(106,953	)		(38,454	)		(160,490	)
Other		(30,562	)		(21,116	)		(9,620	)		174
Equity per operating limited partnerships’ combined financial statements	$	56,806,902		$	18,016,446		$	12,554,273		$	26,236,183

F-37

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

     The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Total			Series 47			Series 48			Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	70,545,888		$	26,279,545		$	17,391,528		$	26,874,815
Acquisition costs of operating limited partnerships		193,467			108,576			37,428			47,463
Cumulative distributions from operating limited partnerships		(738	)		(738	)		—			—
Cumulative losses from operating limited partnerships		(1,206,897	)		(992,975	)		(213,922	)		—
Investments in operating limited partnerships per balance sheets		69,531,720			25,394,408			17,215,034			26,922,278

F-38

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 47			Series 48			Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).		(41,626,722	)		(10,410,234	)		(7,887,936	)		(23,328,552	)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(193,464	)		(108,575	)		(37,426	)		(47,463	)
Other		(14,713	)		(14,713	)		—			—
Equity per operating limited partnerships’ combined financial statements	$	27,696,821		$	14,860,886		$	9,289,672		$	3,546,263

F-39

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2005 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 47		Series 48		Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation	$	242,474,280	$	102,462,804	$	71,701,492	$	68,309,984
Construction in progress		33,643,645		3,818,773		3,818,773		26,006,099
Land		21,439,276		8,151,020		6,635,577		6,652,679
Other assets		26,227,381		7,424,595		3,846,244		14,956,542
	$	323,784,582	$	121,857,192	$	86,002,086	$	115,925,304
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	189,847,874	$	76,092,992	$	51,558,680	$	62,196,202
Accounts payable and accrued expenses		3,075,059		1,045,003		332,394		1,697,662
Other liabilities		51,930,103		18,040,618		14,094,698		19,794,787
		244,853,036		95,178,613		65,985,772		83,688,651
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.		56,806,902		18,016,446		12,554,273		26,236,183
Other partners		22,124,644		8,662,133		7,462,041		6,000,470
		78,931,546		26,678,579		20,016,314		32,236,653
	$	323,784,582	$	121,857,192	$	86,002,086	$	115,925,304

F-40

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 47		Series 48		Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation	$	67,277,915	$	45,318,584	$	21,959,331	$	—
Construction in progress		63,622,140		30,399,586		24,484,363		8,738,191
Land		15,802,569		7,858,128		6,132,293		1,812,148
Other assets		58,555,370		25,745,978		21,245,348		11,564,044
	$	205,257,994	$	109,322,276	$	73,821,335	$	22,114,383
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	136,192,062	$	71,373,669	$	47,680,886	$	17,137,507
Accounts payable and accrued expenses		956,888		815,233		121,306		20,349
Other liabilities		29,952,109		16,932,809		11,609,146		1,410,154
		167,101,059		89,121,711		59,411,338		18,568,010
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.		27,696,821		14,860,886		9,289,672		3,546,263
Other partners		10,460,114		5,339,679		5,120,325		110
		38,156,935		20,200,565		14,409,997		3,546,373
	$	205,257,994	$	109,322,276	$	73,821,335	$	22,114,383

F-41

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2005 for operating limited partnerships in which Series 47 through Series 49 had an interest as of December 31, 2005 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 47			Series 48			Series 49
Revenue
Rent	$	10,696,589		$	5,968,730		$	2,934,817		$	1,793,042
Interest and other		603,587			276,664			178,794			148,129
		11,300,176			6,245,394			3,113,611			1,941,171
Expenses
Interest		4,435,324			2,452,204			1,386,691			596,429
Depreciation and amortization		4,639,304			2,370,090			1,408,422			860,792
Taxes and insurance		2,021,956			1,138,192			637,772			245,992
Repairs and maintenance		1,499,431			823,241			496,910			179,280
Operating expenses		5,788,981			2,956,309			1,689,294			1,143,378
Other expenses		508,349			277,015			182,682			48,652
		18,893,345			10,017,051			5,801,771			3,074,523
NET LOSS	$	(7,593,169	)	$	(3,771,657	)	$	(2,688,160	)	$	(1,133,352	)
Net loss allocated to Boston
Capital Tax Credit Fund V L.P.	$	(4,955,686	)	$	(2,627,314	)	$	(1,646,509	)	$	(681,863	)
Net loss allocated to other partners	$	(2,637,483	)	$	(1,144,343	)	$	(1,041,651	)	$	(451,489	)

F-42

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund invested in the operating limited partnerships subsequent to December 31, 2003, therefore no comparative statement of operations is presented. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 47 through Series 49 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 47			Series 48			Series 49
Revenue
Rent	$	2,073,010		$	1,840,650		$	232,360		$	—
Interest and other		62,344			41,915			20,429			—
		2,135,354			1,882,565			252,789			—
Expenses
Interest		698,909			549,502			149,407			—
Depreciation and amortization		818,192			618,700			199,492			—
Taxes and insurance		412,902			376,947			35,955			—
Repairs and maintenance		322,905			279,018			43,887			—
Operating expenses		1,257,215			1,092,950			164,265			—
Other expenses		88,970			82,305			6,665			—
		3,599,093			2,999,422			599,671			—
NET LOSS	$	(1,463,739	)	$	(1,116,857	)	$	(346,882	)	$	—
Net loss allocated to Boston
Capital Tax Credit Fund V L.P.	$	(1,206,897	)	$	(992,975	)	$	(213,922	)	$	—
Net loss allocated to other partners	$	(256,842	)	$	(123,882	)	$	(132,960	)	$	—

F-43

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE D — OTHER ASSETS

Other assets include $0 and $3,490,150, respectively, of cash held by an escrow agent at March 31, 2006 and 2005. The cash held at March 31, 2005 represents capital contributions to be released to the partnership.

In addition, at March 31, 2006 and 2005, other assets includes $2,555,933 and $1,499,361, respectively, of cash advanced to operating limited partnerships, which is to be applied to capital contributions payable when certain criteria have been met. The cash advances at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 47	$	—	$	521,053
Series 48		—		978,308
Series 49		2,555,933		—
	$	2,555,933	$	1,499,361

NOTE E — NOTES RECEIVABLE

Notes receivable at March 31, 2006 and 2005 consist of advance installments of $2,704,935 and $766,381, respectively, of capital contributions to operating limited partnerships. The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1%. Prime was 7.75% and 5.75% as of March 31, 2006 and 2005, respectively. These notes are secured by future installments of capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 2006 and 2005 approximates fair value. The notes at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 47	$	1,245,069	$	278,096
Series 48		799,602		185,292
Series 49		660,264		302,993
	$	2,704,935	$	766,381

F-44

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2006 is reconciled as follows:

	Total			Series 47			Series 48			Series 49
Net income (loss) for financial reporting purposes	$	(5,938,583	)	$	(3,107,786	)	$	(1,966,680	)	$	(864,117	)
Accrued partnership management fee not deducted for income tax purposes		(290,224	)		(244,399	)		(121,984	)		76,159
Other		712,634			417,922			510,983			(216,271	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,020,735	)		(624,869	)		(297,076	)		(98,790	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		1,570,471			571,686			315,078			683,707
Income (loss) for tax return purposes, December 31, 2005	$	(4,966,437	)	$	(2,987,446	)	$	(1,559,679	)	$	(419,312	)

F-45

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Total			Series 47			Series 48			Series 49
Net income (loss) for financial reporting purposes	$	(2,164,888	)	$	(1,514,651	)	$	(508,620	)	$	(141,617	)
Accrued partnership management fee not deducted for income tax purposes		477,547			244,399			121,985			111,163
Other		300,085			164,525			58,167			77,393
Excess of tax depreciation over book depreciation on operating limited partnership assets		(159,628	)		(84,558	)		(75,070	)		—
Difference due to fiscal year for book purposes and calendar year for tax purposes		266,648			128,806			111,670			26,172
Income (loss) for tax return purposes, December 31, 2004	$	(1,280,236	)	$	(1,061,479	)	$	(291,868	)	$	73,111

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2006 are as follows:

	Total		Series 47		Series 48			Series 49
Investments in operating limited partnerships — tax return December 31, 2005	$	76,507,336	$	22,500,507	$	15,775,422		$	38,231,407
Operating limited partnerships acquired during the three month period ended March 31, 2006		4,415,379		—		—			4,415,379
Other		136,327		77,365		(172,132	)		231,094
Investments in operating limited partnerships — as reported	$	81,059,042	$	22,577,872	$	15,603,290		$	42,877,880

F-46

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Total			Series 47			Series 48		Series 49
Investments in operating limited partnerships — tax return December 31, 2004	$	58,068,772		$	25,449,973		$	17,009,433	$	15,609,366
Operating limited partnerships acquired during the three month period ended March 31, 2005		11,610,026			—			—		11,610,026
Other		(147,078	)		(55,565	)		205,601		(297,114	)
Investments in operating limited partnerships — as reported	$	69,531,720		$	25,394,408		$	17,215,034	$	26,922,278

F-47

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE G — INVESTMENTS AVAILABLE-FOR-SALE

At March 31, 2006, the amortized cost and fair value of investments available-for-sale are as follows:

			Gross
	Amortized		unrealized			Fair
	cost		loss			value
Tax-exempt municipal bonds	$	13,323,121	$	(135,121	)	$	13,188,000

The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2006 is shown below:

	Amortized cost		Fair value
Due in one year or less	$	5,220,067	$	5,167,126
Due in one year through five years		7,029,930		6,958,634
Due in more than 10 years		1,073,125		1,062,240
	$	13,323,122	$	13,188,000

The tax-exempt coupon rates for the investments held during the year ranged from 2.50% to 5.86%.

Proceeds from sales and maturities of investments during the year ended March 31, 2006 were $5,897,378, resulting in a realized loss of $223,290, included in interest income.

F-48

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE G — INVESTMENTS AVAILABLE-FOR-SALE (continued)

At March 31, 2005, the amortized cost and fair value of investments available-for-sale are as follows:

			Gross
	Amortized		unrealized			Fair
	cost		loss			value
Tax-exempt municipal bonds	$	8,807,290	$	(112,777	)	$	8,694,513

The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2005 is shown below:

	Amortized cost		Fair value
Due in one year or less	$	1,096,344	$	1,082,638
Due in one year through five years		6,928,957		6,858,312
Due in more than 10 years		781,989		753,563
	$	8,807,290	$	8,694,513

The tax-exempt coupon rates for the investments held during the year ranged from 1.00% to 6.25%.

NOTE H — CASH EQUIVALENTS

Cash equivalents of $3,183,674 and $8,270,609 as of March 31, 2006 and 2005, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 0.40% to 4.12% per annum.

On March 31, 2006 and 2005, the fund purchased $2,650,000 and $25,230,000 of corporate bonds and preferred stock to resell on April 1, 2006 and April 1, 2005, respectively. Interest is earned at a rate of .4% per annum.

F-49

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE I — LINE OF CREDIT

For the year ended March 31, 2006 and 2005, the partnership has a line of credit with an agent bank in the aggregate amount of $40,000,000, of which $0 was outstanding as of March 31, 2006 and March 31, 2005. The line bears interest at the prime rate (7.75% and 5.75% at March 31, 2006 and 2005, respectively) plus .25%. Interest is payable monthly. For the year ended March 31, 2006 and 2005, $90,877 and $177,780 of interest was incurred or paid. Interest been recorded as a cost of acquiring investments in operating limited partnerships and is being amortized over the life of asset. The line is guaranteed by Boston Capital Holdings, L.P. and various affiliates and expired on March 26, 2006.

F-50

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE J — RECONCILIATION OF QUARTERLY FINANCIAL INFORMATION

	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
2006
Total revenue	$	197,798		$	184,360		$	287,093		$	189,291
Loss from operations		(270,740	)		(292,334	)		(156,976	)		(266,491	)
Equity in loss of investments in operating partnerships		(366,372	)		(372,316	)		(365,912	)		(3,847,442	)
Net loss		(637,112	)		(664,650	)		(522,888	)		(4,113,933	)
Net loss per unit of limited partnership interest		(0.05	)		(0.06	)		(0.04	)		(0.35	)
2005
Total revenue	$	21,419		$	50,554		$	128,540		$	162,339
Loss from operations		(248,568	)		(131,895	)		(198,056	)		(379,472	)
Equity in loss of investments in operating partnerships		—			—			—			(1,206,897	)
Net loss		(248,568	)		(131,895	)		(198,056	)		(1,586,369	)
Net loss per unit of limited partnership interest		(0.06	)		(0.02	)		(0.02	)		(0.15	)
2004
Total revenue	$	—		$	—		$	—		$	3,814
Loss from operations		—			—			—			(22,501	)
Equity in loss of investments in operating partnerships		—			—			—			—
Net loss		—			—			—			(22,501	)
Net loss per unit of limited partnership interest		—			—			—			(0.07	)

F-51

Boston Capital Tax Credit Fund V LP — Series 47

Schedule III — Real Estate and Accumulated Depreciation

March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
CAROLLTON II		1,262,908		77,000		2,291,951		498,593			77,000		2,790,544		2,867,544		89,118		11/04		04/04		5-27.5
COLEMAN FOUNTAINHEAD		528,747		10,000		310,562		780,641			10,000		1,091,203		1,101,203		41,392		03/05		03/04		5-27.5
COUNTRY BROOK		7,284,390		952,379		7,128,652		1,649,124			916,996		8,777,776		9,694,772		242,742		07/05		06/04		5-27.5
CP CONTINENTAL		7,044,925		620,000		9,890,223		6,774			620,000		9,896,997		10,516,997		1,007,889		12/04		03/04		5-27.5
DAWN SPRING		607,100		250,000		2,133,550		0			250,000		2,133,550		2,383,550		4,978		10/05		05/05		5-27.5
HILLSBORO FOUNTAINHEAD		1,724,568		60,000		1,239,844		1,423,689			60,000		2,663,533		2,723,533		97,984		07/05		03/04		5-27.5
MARBLE FALLS		6,000,000		0		0		8,820,302			0		8,820,302		8,820,302		158,174		06/05		03/04		7-40
MARION		1,344,848		67,881		1,587,930		10,666			67,881		1,598,596		1,666,477		62,949		12/04		07/04		5-40
MASTERS APARTMENTS		8,000,000		467,086		0		11,936,453			469,361		11,936,453		12,405,814		76,465		10/05		06/04		7-40
MAYFAIR		9,500,000		1,330,032		0		14,186,479			1,330,032		14,186,479		15,516,511		155,068		07/05		03/04		7-40
McEVER VINEYARDS		13,351,578		1,864,444		15,251,440		(41,593	)		1,964,444		15,209,847		17,174,291		615,342		11/03		12/04		5-27.5
PARK PLAZA		763,900		31,600		1,013,065		0			31,600		1,013,065		1,044,665		42,869		11/04		11/04		5-27.5
PARKLAND MANOR		2,694,028		180,000		1,428,560		3,788,231			180,000		5,216,791		5,396,791		120,038		05/05		07/04		5-27.5
PECAN ACRES		2,636,000		277,706		4,787,302		0			277,706		4,787,302		5,065,008		144,583		12/04		06/04		5-27.5
WELLINGTON		13,350,000		1,896,000		0		15,330,210			1,896,000		15,330,210		17,226,210		130,253		07/05		01/04		7-40
		76,092,992		8,084,128		47,063,079		58,389,569			8,151,020		105,452,648		113,603,668		2,989,844

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.

U/C-Property was under construction as of March 31, 2006

There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-52

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP — Series 47

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/04				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		53,917,190
Improvements, etc		0
Other		0
				$	53,917,190
Deductions during period:
Cost of real estate sold	$	0
Other		0
				$	0
Balance at close of period — 3/31/05				$	53,917,190
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		2,383,550
Improvements, etc		58,456,461
Other		0
				$	60,840,011
Deductions during period:
Cost of real estate sold	$	0
Other		(1,153,533	)
				$	(1,153,533	)
Balance at close of period — 3/31/06				$	113,603,668

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/04			$	0
Current year expense	$	740,478
Balance at close of period — 3/31/05			$	740,478
Current year expense	$	2,249,366
Balance at close of period — 3/31/06			$	2,989,844

F-53

Boston Capital Tax Credit Fund IV LP — Series 48

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
COLUSA AVE		2,003,320		133,857		1,425,873		1,143,541			126,503		2,569,414		2,695,917		109,225		05/05		07/04		5.27.5
CTP LP (CONTEMPO)		1,564,691		0		750,313		1,489,287			105,000		2,239,600		2,344,600		112,493		08/05		08/04		5.27.5
MASTERS APTS		8,000,000		467,086		0		11,936,453			469,361		11,936,453		12,405,814		76,465		10/05		06/04		7-40
MAYFAIR PARK		9,500,000		1,330,032		0		14,186,479			1,330,032		14,186,479		15,516,511		155,068		07/05		03/04		7-40
MCEVER VINYARDS		11,370,582		1,864,444		15,251,440		(41,593	)		1,964,444		15,209,847		17,174,291		615,342		12/04		11/03		5.27.5
PDC SIXTY		1,361,849		100,000		2,528,242		515,778			100,000		3,044,020		3,144,020		120,710		03/05		04/04		5.27.5
STARLITE VILLAGE		1,246,613		200,000		0		2,866,442			200,000		2,866,442		3,066,442		46,663		06/05		11/04		5.27.5
UMATILLA LINKS ASSOC		2,011,625		140,874		2,179,908		50,096			140,874		2,230,004		2,370,878		89,418		11/04		06/04		5.27.5
WELLINGTON PARK		13,350,000		1,896,000		0		15,330,210			1,896,000		15,330,210		17,226,210		130,253		07/05		01/04		7-40
WYNDHAM EMPORIA PTRS		1,150,000		0		0		3,626,281			303,363		3,626,281		3,929,644		81,621		05/05		08/04		5.27.5
		51,558,680		6,132,293		22,135,776		51,102,974			6,635,577		73,238,750		79,874,327		1,537,258

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.

U/C-Property was under construction as of March 31, 2006

There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-54

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP — Series 48

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/04			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		28,268,069
Improvements, etc		0
Other		0
			$	28,268,069
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/05			$	28,268,069
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		51,606,258
Other		0
			$	51,606,258
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/06			$	79,874,327

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/04			$	0
Current year expense	$	176,445
Balance at close of period — 3/31/05			$	176,445
Current year expense	$	1,360,813
Balance at close of period — 3/31/06			$	1,537,258

F-55

Boston Capital Tax Credit Fund IV LP — Series 49

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
BRISTOL APARTMENTS		12,625,000		1,842,588		19,759,757		0		1,842,588		19,759,757		21,602,345		88,884		11/05		05/04		5-27.5
COLUMBIA SR. @ BLACKSHEAR		0		0		0		0		337,557		0		337,557		0		U/C		12/04		5-27.5
GARDEN GRACE		3,072,000		125,000		2,972,000		0		125,000		2,972,000		3,097,000		0		U/C		10/05		N/A
KAUFMAN FOUNTAINHEAD		1,255,857		50,800		1,347,096		0		50,800		1,347,096		1,397,896		35,718		U/C		02/05		5-27.5
LINDA VILLA		1,219,700		210,000		2,640,391		0		210,000		2,640,391		2,850,391		12,738		10/05		05/05		5-27.5
LINDENS-BARTLESVILLE		1,081,549		0		0		0		0		0		0		0		U/C		05/05		N/A
LINDENS-SHAWNEE		1,198,250		0		0		0		0		0		0		0		02/06		12/04		N/A
MARBLE FALLS		6,000,000		0		8,820,302		0		0		8,820,302		8,820,302		158,174		06/05		03/04		7-40
MEADOW GLEN		1,286,904		64,765		1,627,749		0		64,765		1,627,749		1,692,514		49,521		07/05		10/05		5-40
NEW CHESTER TOWNHOUSES		0		0		0		0		0		0		0		0		U/C		03/06		N/A
PERRYTON FOUNTAINHEAD		1,316,835		24,100		1,726,417		0		24,100		1,726,417		1,750,517		37,534		U/C		02/05		5-27.5
POST OAKS		13,600,000		1,597,148		0		6,176,702		1,597,148		6,176,702		7,773,850		30,844		U/C		07/04		7-40
RENAISSANCE VILLAGE		332,908		207,500		780,689		0		207,500		780,689		988,189		1,754		U/C		05/05		5-27.5
RICHWOOD APARTMENTS		0		0		0		0		0		0		0		0		U/C		12/05		N/A
RIDGEVIEW MOUNT VERNON		4,400,404		800,000		5,551,405		0		800,000		5,551,405		6,351,405		109,810		08/05		01/05		5-27.5
ROSEHILL OF TOPEKA II		2,436,012		215,000		0		5,723,730		215,000		5,723,730		5,938,730		79,595		04/05		08/04		10-40

F-56

Boston Capital Tax Credit Fund IV LP — Series 49

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
ROSEWOOD PLACE		6,777,741		1,050,000		2,895,685		0		1,050,000		2,895,685		3,945,685		0		U/C		02/05		10-40
RURAL HOUSING PARTNERS KEWAUNEE		1,282,640		31,226		2,356,135		0		31,226		2,356,135		2,387,361		142,683		10/05		07/05		5-27.5
RURAL HOUSING PARTNERS MAUSTON I & II		1,049,911		16,995		1,468,725		0		16,995		1,468,725		1,485,720		102,952		06/05		03/05		5-27.5
THE GARDENS OF ATHENS		2,267,363		45,000		3,542,567		0		45,000		3,542,567		3,587,567		0		12/05		01/05		10-40
UNION SQ HOUSING		993,128		35,000		1,786,074		0		35,000		1,786,074		1,821,074		15,233		09/05		02/05		5-40
		62,196,202		6,315,122		57,274,992		11,900,432		6,652,679		69,175,424		75,828,103		865,440

     Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.

     U/C-Property was under construction as of March 31, 2006

     There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-57

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP — Series 49

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/04			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		1,812,148
Improvements, etc		0
Other		0
			$	1,812,148
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/05			$	1,812,148
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		61,777,966
Improvements, etc		12,237,989
Other		0
			$	74,015,955
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/06			$	75,828,103

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/04			$	0
Current year expense	$	0
Balance at close of period — 3/31/05			$	0
Current year expense	$	865,440
Balance at close of period — 3/31/06			$	865,440

F-58