10-Q

FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

(X)   QUARTERLY REPORT PERSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

      For the quarterly period ended December 31, 2004

                                             or

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

      For the transition period from _______ to _______
Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND V L.P.
(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code (617)624-8900

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

      Indicate by check mark whether the registrant (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 such filing requirements for the past 90 days.

Yes X No _

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2004

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Financial Statements
		Balance Sheets	3-6
		Statements of Operations	7-14
		Statements of Changes in Partners'  Capital	15-17
		Statements of Cash Flows	18-25
		Notes to Financial Statements	26-29
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		30-33
	Item 3. Quantitative and Qualitative Disclosure About Market Risk		33
	Item 4. Evaluation of Disclosure and Procedures		33
PART II - OTHER INFORMATION
	Item 6. Exhibits and Reports on Form 8-K		34
	Signatures		35

Boston Capital Tax Credit Fund V L.P.

BALANCE SHEETS

		December 31, 2004 (Unaudited)	March 31, 2004 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 59,305,729	$ 7,130 566
OTHER ASSETS
	Cash and cash equivalents	25,276,444	6 659 989
	Investments	8,858,340	-
	Notes receivable	1,038,093	-
	Acquisition costs	6,821,484	1,290,907
	Other assets	13,506,203	8,139,321
		$114,806,293	$23,220,783
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$  1,963,803	$  452,121
	Accounts payable affiliates	312,225	692,542
	Capital contributions payable	34,098,765	3,520,429
	Line of credit	-	2,678,132
		36,374,793	7,343,224
PARTNERS' CAPITAL
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  9,079,604 issued and outstanding,  as of December 31, 2004	78,433,002	15,877,615
General Partner		(1,502)	(56)
Unrealized gain (loss) on securities
	Available for sale, net	-	-
		78,431,500	15,877,559
		$114,806,293	$23,220,783

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 47

		December 31, 2004 (Unaudited)	March 31, 2004 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 26,458,978	$  7,130,566
OTHER ASSETS
	Cash and cash equivalents	3,733,318	6,659,989
	Investments	5,894,244	-
	Notes receivable	235,100	-
	Acquisition costs	2,694,189	1,290,907
	Other assets	1,237,081	8,139,321
		$ 40,252,910	$ 23,220,783
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$    104,577	$    452,121
	Accounts payable affiliates	117,278	692,542
	Capital contributions payable	10,172,175	3,520,429
	Line of credit	-	2,678,132
		10,394,030	7,343,224
PARTNERS CAPITAL
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  3,478,334 issued and outstanding,  as of December 31, 2004	29,859,769	15,877,615
General Partner		(889)	(56)
Unrealized gain (loss) on securities
	available for sale, net	-	-
		29,858,880	15,877,559
		$ 40,252,910	$ 23,220,783

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 48

		December 31, 2004 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$17,297,760
OTHER ASSETS
	Cash and cash equivalents	6,861,371
	Investments	2,964,096
	Notes receivable	-
	Acquisition costs	1,918,973
	Other assets	1,303,795
		$30,345,995
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$    50,767
	Accounts payable affiliates	33,067
	Capital contributions payable	10,408,772
	Line of credit	-
		10,492,606
PARTNERS CAPITAL
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  2,299,372 issued and outstanding,  as of December 31, 2004	19,853,778
General Partner		(389)
Unrealized gain (loss) on securities
	Available for sale, net	-
		19,853,389
		$30,345,995

Series 48 had not commenced operations as of March 31, 2004 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 49

		December 31, 2004 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$15,548,991
OTHER ASSETS
	Cash and cash equivalents	14,681,755
	Investments	-
	Notes receivable	802,993
	Acquisition costs	2,208,322
	Other assets	10,965,327
		$44,207,388
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$ 1,808,459
	Accounts payable affiliates	161,880
	Capital contributions payable	13,517,818
	Line of credit	-
		15,488,157
PARTNERS CAPITAL
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  3,301,898 issued and outstanding,  as of December 31, 2004	28,719,455
General Partner		(224)
Unrealized gain (loss) on securities
	Available for sale, net	-
		28,719,231
		$44,207,388

Series 49 had not commenced operations as of March 31, 2004 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

		2004
Income
	Interest income	$    128,540
	Other income	-
		128,540
Share of loss from Operating Partnerships (Note D)		-
Expenses
	Professional fees	12,212
	Fund management fee (Note C)	147,681
	Organization costs	87,827
	Amortization	24,718
	General and administrative expenses	54,158
		326,596
NET INCOME (LOSS)		$ (198,056)
Net income (loss) allocated to limited partners		$ (197,561)
Net income (loss) allocated to general partner		$   (495)
Net income (loss) per BAC		$     (.02)

The Fund had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 47

		2004
Income
	Interest income	$    75,142
	Other income	-
		75,142
Share of loss from Operating Partnerships(Note D)		-
Expenses
	Professional fees	7,739
	Fund management fee (Note C)	86,313
	Organization costs	-
	Amortization	24,718
	General and administrative expenses	35,963
		154,733
NET INCOME (LOSS)		$ (79,591)
Net income (loss) allocated to limited partners		$ (79,392)
Net income (loss) allocated to general partner		$   (199)
Net income (loss) per BAC		$     (.02)

Series 47 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 48

		2004
Income
	Interest income	$    40,820
	Other income	-
		40,820
Share of loss from Operating  Partnerships(Note D)		-
Expenses
	Professional fees	4,044
	Fund management fee (Note C)	55,367
	Organization costs	-
	Amortization	-
	General and administrative expenses	16,226
		75,637
NET INCOME (LOSS)		$  (34,817)
Net income (loss) allocated to limited partners		$  (34,730)
Net income (loss) allocated to general  partner		$   (87)
Net income (loss) per BAC		$  (.02)

Series 48 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 49

		2004
Income
	Interest income	$    12,578
	Other income	-
		12,578
Share of loss from Operating  Partnerships(Note D)		-
Expenses
	Professional fees	429
	Fund management fee (Note C)	6,001
	Organization costs	87,827
	Amortization	-
	General and administrative expenses	1,969
		96,226
NET INCOME (LOSS)		$  (83,648)
Net income (loss) allocated to limited partners		$  (83,439)
Net income (loss) allocated to general  partner		$   (209)
Net income (loss) per BAC		$  (.03)

Series 49 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

		2004
Income
	Interest income	$  200,509
	Other income	-
		200,509
Share of loss from Operating Partnerships (Note D)		-
Expenses
	Professional fees	31,775
	Fund management fee (Note C)	289,818
	Organization costs	289,293
	Amortization	24,718
	General and administrative expenses	143,430
		779,034
NET INCOME (LOSS)		$ (578,525)
Net income (loss) allocated to limited partners		$ (577,079)
Net income (loss) allocated to general partner		$   (1,446)
Net income (loss) per BAC		$     (.06)

The Fund had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 47

		2004
Income
	Interest income	$   136,186
	Other income	-
		136,186
Share of loss from Operating Partnerships(Note D)		-
Expenses
	Professional fees	26,022
	Fund management fee (Note C)	212,394
	Organization costs	99,946
	Amortization	24,718
	General and administrative expenses	106,305
		469,385
NET INCOME (LOSS)		$ (333,199)
Net income (loss) allocated to limited partners		$ (332,366)
Net income (loss) allocated to general partner		$   (833)
Net income (loss) per BAC		$     (.10)

Series 47 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 48

		2004
Income
	Interest income	$    51,507
	Other income	-
		51,507
Share of loss from Operating  Partnerships(Note D)		-
Expenses
	Professional fees	5,324
	Fund management fee (Note C)	71,423
	Organization costs	101,520
	Amortization	-
	General and administrative expenses	28,787
		207,054
NET INCOME (LOSS)		$ (155,547)
Net income (loss) allocated to limited partners		$ (155,158)
Net income (loss) allocated to general  partner		$   (389)
Net income (loss) per BAC		$  (.07)

Series 48 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 49

		2004
Income
	Interest income	$    12,816
	Other income	-
		12,816
Share of loss from Operating  Partnerships(Note D)		-
Expenses
	Professional fees	429
	Fund management fee (Note C)	6,001
	Organization costs	87,827
	Amortization	-
	General and administrative expenses	8,338
		102,595
NET INCOME (LOSS)		$  (89,779)
Net income (loss) allocated to limited partners		$  (89,555)
Net income (loss) allocated to general  partner		$   (224)
Net income (loss) per BAC		$  (.03)

Series 49 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Nine Months Ended December 31, 2004
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Partners' capital (deficit)   April 1, 2004	$ 15,877,615	$  (56)	$     -	$ 15,877,559
Capital contributions	72,346,590	-	-	72,346,590
Selling commissions and   registration costs	(9,214,124)	- -	- -	(9,214,124)
Net income (loss)	(577,079)	(1,446)	-	(578,525)
Partners' capital (deficit),   December 31, 2004	$ 78,433,002	$  (1,502)	$     -	$ 78,431,500

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Nine Months Ended December 31, 2004
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 47
Partners' capital (deficit)   April 1, 2004	$ 15,877,615	$   (56)	$         -	$ 15,877,559
Capital contributions	16,333,890	-	-	16,333,890
Selling commissions and   registration costs	(2,019,370)	- -	- -	(2,019,370)
Net income (loss)	(332,366)	(833)	-	(333,199)
Partners' capital (deficit),   December 31, 2004	$ 29,859,769	$   (889)	$         -	$ 29,858,880
Series 48
Partners' capital (deficit)   April 1, 2004	$   -	$   -	$         -	$   -
Capital contributions	22,993,720	-	-	22,993,720
Selling commissions and   registration costs	(2,984,784)	- -	- -	(2,984,784)
Net income (loss)	(155,158)	(389)	-	(155,547)
Partners' capital (deficit),   December 31, 2004	$ 19,853,778	$   (389)	$         -	$ 19,853,389

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

Nine Months Ended December 31, 2004
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 49
Partners' capital (deficit)   April 1, 2004	$   -	$   -	$         -	$   -
Capital contributions	33,018,980	-	-	33,018,980
Selling commissions and   registration costs	(4,209,970)	- -	- -	(4,209,970)
Net income (loss)	(89,555)	(224)	-	(89,779)
Partners' capital (deficit),   December 31, 2004	$ 28,719,455	$   (224)	$         -	$ 28,719,231

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

				2004
Cash flows from operating activities:
	Net income (loss)			$ (578,525)
	Adjustments
		Amortization		24,718
		Distributions from Operating   Partnerships		- -
		Share of Loss from Operating   Partnerships		- -
	Changes in assets and liabilities
		Decrease (Increase) in    organization costs		- -
		(Decrease) Increase in accounts   payable and accrued expenses		1,198,309
		Decrease (Increase) in prepaid   expenses		- -
		Decrease (Increase) in accounts   receivable		(5,391,068)
		(Decrease) Increase in accounts   payable affiliates		(66,944)
			Net cash (used in) provided by  operating activities	(4,813,510)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(5,663,280)
	Capital contributions paid to    Operating Partnerships			(21,464,656)
	Advances to Operating Partnerships			(1,038,093)
	Investments			(8,858,340)
			Net cash (used in) provided by investing activities	(37,024,369)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

			2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(9,214,124)
	Line of credit		(2,678,132)
	Capital contributions received		72,346,590
		Net cash (used in) provided by financing activities	60,454,334
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			18,616,455
Cash and cash equivalents, beginning			6,659,989
Cash and cash equivalents, ending			$  25,276,444
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$  31,246,540

The fund had not commenced operations as of December 31, 2003

therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 47

				2004
Cash flows from operating activities:
	Net income (loss)			$   (333,199)
	Adjustments
		Amortization		24,718
		Distributions from Operating   Partnerships		- -
		Share of Loss from Operating   Partnerships		- -
	Changes in assets and liabilities
		Decrease (Increase) in    organization costs		- -
		(Decrease) Increase in accounts   payable and accrued expenses		(660,917)
		Decrease (Increase) in accounts   receivable		6,902,240
		(Decrease) Increase in accounts   payable affiliates		(261,891)
			Net cash (used in) provided by  operating activities	5,670,951
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(1,523,998)
	Capital contributions paid to    Operating Partnerships			(12,580,668)
	Advances to Operating Partnerships			(235,100)
	Investments			(5,894,244)
			Net cash (used in) provided by investing activities	(20,234,010)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 47

			2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(2,019,370)
	Line of credit		(2,678,132)
	Capital contributions received		16,333,890
		Net cash (used in) provided by financing activities	11,636,388
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(2,926,671)
Cash and cash equivalents, beginning			6,659,989
Cash and cash equivalents, ending			$  3,733,318
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$  7,319,950

Series 47 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 48

				2004
Cash flows from operating activities:
	Net income (loss)			$   (155,547)
	Adjustments
		Amortization		-
		Distributions from Operating   Partnerships		- -
		Share of Loss from Operating   Partnerships		- -
	Changes in assets and liabilities
		Decrease (Increase) in    organization costs		- -
		(Decrease) Increase in accounts   payable and accrued expenses		50,767
		Decrease (Increase) in accounts   receivable		(1,327,981)
		(Decrease) Increase in accounts   payable affiliates		33,067
			Net cash (used in) provided by  operating activities	(1,399,694)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(1,918,973)
	Capital contributions paid to    Operating Partnerships			(6,864,802)
	Advances to Operating Partnerships			-
	Investments			(2,964,096)
			Net cash (used in) provided by investing activities	(11,747,871)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 48

			2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(2,984,784)
	Line of credit		-
	Capital contributions received		22,993,720
		Net cash (used in) provided by financing activities	20,008,936
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			6,861,371
Cash and cash equivalents, beginning			-
Cash and cash equivalents, ending			6,861,371
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$ 10,408,772

Series 48 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 49

				2004
Cash flows from operating activities:
	Net income (loss)			$   (89,779)
	Adjustments
		Amortization		-
		Distributions from Operating   Partnerships		- -
		Share of Loss from Operating   Partnerships		- -
	Changes in assets and liabilities
		Decrease (Increase) in    organization costs		- -
		(Decrease) Increase in accounts   payable and accrued expenses		1,808,459
		Decrease (Increase) in accounts   receivable		(10,965,327)
		(Decrease) Increase in accounts   payable affiliates		161,880
			Net cash (used in) provided by  operating activities	(9,084,767)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(2,220,309)
	Capital contributions paid to    Operating Partnerships			(2,019,186)
	Advances to Operating Partnerships			(802,993)
	Investments			-
			Net cash (used in) provided by investing activities	(5,042,488)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 49

			2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(4,209,970)
	Line of credit		-
	Capital contributions received		33,018,980
		Net cash (used in) provided by financing activities	28,809,010
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			14,681,755
Cash and cash equivalents, beginning			-
Cash and cash equivalents, ending			14,681,755
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$ 13,517,818

Series 49 had not commenced operations as of December 31, 2003 therefore it does not have comparative information to report.

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The General Partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the General Partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the General Partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The Assignor Limited Partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

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, 2004, subscriptions had been received and accepted by the Fund for 9,079,604 BAC's representing capital contributions of $90,796,040.

The Offering, including information regarding the issuance of BACs in series, is described on pages 161 to 167 of the Prospectus, as supplemented, under the caption "The Offering", which is incorporated herein by reference.

Below is a summary of the BACs sold and total equity raised by series as of the December 31, 2004:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$34,783,340
Series 48	August 12, 2004	2,299,372	$22,993,720
Series 49	N/A	3,301,898	$33,018,980

The Fund was continuing to offer BACs in Series 49 as of the date of this filing.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2004
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2004 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Investment Securities

The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise.

These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds.

The amortized cost of securities available for sale as of December 31, 2004 by contractual maturity are as follows:

	Amortized Cost
Due in one year or less	$ 700,953
Due after one year	8,157,387
Total	$8,858,340

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2004
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

For the quarter ended December 31, 2004, Boston Capital Securities, Inc. received $404,930 from Series 49, as Dealer-Manager fees for marketing advice and investment banking services performed at the time of the Fund's offering of BACs.

Boston Capital Holdings L.P. is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the Fund's acquisition of interest in the Operating Partnerships. During the quarter ended December 31, 2004, Series 49 $1,715,560 for acquisition fees to Boston Capital Holdings Limited Partnership.

An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management L.P.

The fund management fees accrued for the quarter ended December 31, 2004 are as follows:

	2004
Series 47	$   57,213
Series 48	26,599
Series 49	6,001
Total	$ 89,813

The fund management fees paid for the quarter ended December 31, 2004 are as follows:

	2004
Series 47	$  43,596
Series 48	28,767
Total	$ 72,363

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2004 the Fund has limited partnership interests in 28 Operating Partnerships which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2004 is as follows:

	2004
Series 47	13
Series 48	11
Series 49	4
Total	28

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2004
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships would be for the nine months ended September 30, 2004. Since the Operating Partnerships in which the Fund had invested as of September 30, 2004 were under construction, there are no financial results to report.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the year ended December 31, 2004 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. 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.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

Liquidity

The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

Boston Capital Tax Credit Fund V LP and other Funds sponsored and offered by Boston Capital Securities, Inc. have entered into a line of credit financing agreement with Fleet National Bank whereby they can collectively borrow up to $40 million for up to 180 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of December 31, 2004 Boston Capital Tax Credit Fund V LP did have any amounts outstanding on the line of credit.

The Fund is accruing a portion of the fund management fees for Series 47 and Series 48 in order to maintain adequate Fund reserves. The Fund is also accruing the fund management fees for Series 49 during the offering period. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from the Operating Partnerships, which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $33,018,980 representing 3,478,334, 2,299,372 and 3,301,898 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of December 31, 2004.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 13 Operating Partnerships in the amount of $26,362,982.

During the quarter ended December 31, 2004, Series 47 recorded capital contribution releases of $3,804,358. Series 47 has outstanding contributions payable in the amount of $10,172,175 as of December 31, 2004. Of the amount outstanding $1,193,600 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital, and the remaining contributions of $8,978,575 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,273,573.

During the quarter ended December 31, 2004, Series 48 recorded capital contribution releases of $1,358,862. Series 48 has outstanding contributions payable in the amount of $10,408,772 as of December 31, 2004. Of the amount outstanding $1,273,628 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital, and the remaining contributions of $9,135,144 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004, and the Fund was continuing to offer BACs in Series 49 as of the date of this filing. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 4 Operating Partnerships in the amount of $15,537,004.

During the quarter ended December 31, 2004, Series 49 recorded capital contribution releases of $1,425,308. Series 49 has outstanding contributions payable in the amount of $13,517,818 as of December 31, 2004. The remaining contributions will be released from available net offering proceeds, additional net offering proceeds and collection accounts receivable, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Line of Credit

Boston Capital Tax Credit Fund V LP and other Funds sponsored and offered by Boston Capital Securities, Inc. have entered into a line of credit financing agreement with Fleet National Bank whereby they can collectively borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of December 31, 2004 Boston Capital Tax Credit Fund V LP did not have any amounts outstanding on the line of credit.

Results of Operations

As of December 31, 2004 the Fund held limited partnership interests in 28 Operating Partnerships. In each instance the Apartment Complex owned by the applicable Operating Partnership is eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each Apartment Complex which complied with the Minimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable report on Form 8-K. The General Partner believes that there is adequate casualty insurance on the properties.

The Fund's results of operations for future periods will vary significantly from those for the period ended December 31, 2004 as Series 47, Series 48 and Series 49 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships, and the Fund offers additional BACs in Series 49 and other series.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The total fund management fee incurred for the quarter ended December 31, 2004 was $147,681.

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

Series 47

As of December 31, 2004 the series had a total of 13 properties all of were under construction. Since all of the properties were acquired after December 31, 2003, there is no comparative information to report.

The properties acquired as of September 30, 2004 were all under construction, therefore the series does not have any current property operations to report.

Series 48

As of December 31, 2004 the series had a total of 11 properties all of were under construction. Since all of the properties were acquired after December 31, 2003, there is no comparative information to report.

The properties acquired as of September 30, 2004 were all under construction, therefore the series does not have any current property operations to report.

Series 49

As of December 31, 2004 the series had acquired 4 properties that was still under construction. Since the property was acquired after December 31, 2003, there is no comparative information to report.

The series has not acquired any properties of September 30, 2004, therefore it does not have any current property operations to report.

Off Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Partnership to make certain estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the financial statements. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Partnership's financial condition and results of operations. The Partnership believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Partnership is required to assess potential impairments to its long-lived assets, which is primarily investments in limited partnerships. The Partnership accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Partnership does not control the operations of the Operating Limited Partnership.

If the book value of the Partnership's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Partnership and the estimated residual value to the Partnership, the Partnership reduces its investment in any such Operating Limited Partnership and includes such reduction in equity in loss of investment of limited partnerships.

Item 3	Quantitative and Qualitative Disclosure About Market Risk
	Not Applicable

Item 4	Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's General Partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Partnership's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Fund required to be included in the Fund's periodic SEC filings.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2004 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	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
	(a)Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein

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 hereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.
		By:	Boston Capital Associates V LLC, General Partner
Date: February 22, 2005			By:	/s/ John P. Manning John P. Manning
				Managing Member

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
February 22, 2005	/s/ John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.
	John P. Manning
February 22, 2005	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), BCTC V Assignor Corp.

EX-32

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2004 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the Fund's general partner, Boston Capital Associates V, L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
February 22, 2005	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2004 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the Fund's general partner, Boston Capital Associates V L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
February 22, 2005	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-31

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;
2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

February 22, 2005	/s/ John P. Manning
	John P. Manning
	Principal
	Executive Officer

EX-31

Exhibit 31.b

I, Marc N. Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;
2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

February 22, 2005	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer