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 September 30, 2005

                                             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 No X

      Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

      Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2005

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	26-32
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		32-35
	Item 3. Quantitative and Qualitative Disclosure About Market Risk		37
	Item 4. Evaluation of Disclosure and Procedures		37
PART II - OTHER INFORMATION
	Item 6. Exhibits and Reports on Form 8-K		38
	Signatures		39

Boston Capital Tax Credit Fund V L.P.

BALANCE SHEETS

		September 30, 2005 (Unaudited)	March 31, 2005 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 86,324,868	$ 69,531,720
OTHER ASSETS
	Cash and cash equivalents	16,087,914	33,668,430
	Investments	13,384,491	8,694,513
	Notes receivable	3,784,017	766,381
	Acquisition costs net	9,086,421	8,242,330
	Other assets	5,247,737	6,080,173
		$133,915,448	$126,983,547
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$   353,101	$  769,246
	Accounts payable affiliates	874,739	414,510
	Capital contributions payable	32,726,349	33,501,526
	Line of credit	-	-
		33,954,189	34,685,282
PARTNERS' EQUITY (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  11,777,706 and 10,785,967 issued and outstanding,  as of September 30, 2005 and March 31, 2005, respectively	99,996,225	92,416,511
General Partner		(8,723)	(5,469)
Unrealized gain (loss) on securities
	Available for sale, net	(26,243)	(112,777)
		99,961,259	92,298,265
		$133,915,448	$126,983,547

The accompanying notes are an integral part of this statement

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

Series 47

		September 30, 2005 (Unaudited)	March 31, 2005 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 24,538,100	$ 25,394,408
OTHER ASSETS
	Cash and cash equivalents	1,412,083	1,965,813
	Investments	3,288,108	5,789,950
	Notes receivable	1,245,069	278,096
	Acquisition costs net	2,759,782	2,797,910
	Other assets	316,466	718,213
		$ 33,559,608	$ 36,944,390
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$     93,913	$    135,103
	Accounts payable affiliates	440,641	244,399
	Capital contributions payable	5,289,110	7,963,457
	Line of credit	-	-
		5,823,664	8,342,959
PARTNERS' EQUITY (DEFICIT)
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 September 30, 2005	27,748,823	28,675,468
General Partner		(6,165)	(3,843)
Unrealized gain (loss) on securities
	available for sale, net	(6,714)	(70,194)
		27,735,944	28,601,431
		$ 33,559,608	$ 36,944,390

The accompanying notes are an integral part of this statement

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

Series 48

		September 30, 2005 (Unaudited)	March 31, 2005 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$17,207,076	$17,215,034
OTHER ASSETS
	Cash and cash equivalents	2,069,639	3,559,396
	Investments	487,098	2,904,563
	Notes receivable	557,254	185,292
	Acquisition costs net	2,049,896	1,996,000
	Other assets	979,908	980,409
		$23,350,871	$26,840,694
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$    68,494	$  77,805
	Accounts payable affiliates	241,090	121,984
	Capital contributions payable	3,785,564	7,222,638
	Line of credit	-	-
		4,095,148	7,422,427
PARTNERS' EQUITY (DEFICIT)
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 September 30, 2005	19,254,271	19,462,122
General Partner		(1,783)	(1,272)
Unrealized gain (loss) on securities
	Available for sale, net	3,235	(42,583)
		19,255,723	19,418,267
		$23,350,871	$26,840,694

The accompanying notes are an integral part of this statement

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

Series 49

		September 30, 2005 (Unaudited)	March 31, 2005 (Unaudited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$44,579,692	$26,922,278
OTHER ASSETS
	Cash and cash equivalents	12,606,192	28,143,221
	Investments	9,609,285	-
	Notes receivable	1,981,694	302,993
	Acquisition costs net	4,276,743	3,448,420
	Other assets	3,951,363	4,381,551
		$77,004,969	$63,198,463
LIABILITIES
	Accounts payable & accrued expenses  (Note C)	$  190,694	$  556,338
	Accounts payable affiliates	193,008	48,127
	Capital contributions payable	23,651,675	18,315,431
	Line of credit	-	-
		24,035,377	18,919,896
PARTNERS' EQUITY (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  6,000,000 and $5,008,261 issued and outstanding,  as of September 30, 2005 and March 31, 2005, respectively	52,993,131	44,278,921
General Partner		(775)	(354)
Unrealized gain (loss) on securities
	Available for sale, net	(22,764)	-
		52,969,592	44,278,567
		$77,004,969	$63,198,463

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

		2005	2004
Income
	Interest income	$   184,360	$   50,554
	Other income	-	-
		184,360	50,554
Share of loss from Operating Partnerships (Note D)		(372,316)	-
Expenses
	Professional fees	64,672	12,030
	Fund management fee (Note C)	253,373	110,073
	Organization costs	-	-
	Amortization	87,106	-
	General and administrative expenses	71,543	60,346
		476,694	182,449
NET INCOME (LOSS)		$ (664,650)	$ (131,895)
Net income (loss) allocated to limited partners		$ (662,989)	$ (131,566)
Net income (loss) allocated to general partner		$   (1,661)	$   (329)
Net income (loss) per BAC		$     (.06)	$     (.02)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 47

		2005	2004
Income
	Interest income	$    32,064	$    40,295
	Other income	-	-
		32,064	40,295
Share of loss from Operating Partnerships(Note D)		(357,576)	-
Expenses
	Professional fees	24,340	11,775
	Fund management fee (Note C)	98,034	94,017
	Organization costs	-	-
	Amortization	26,934	-
	General and administrative expenses	20,878	45,100
		170,186	150,892
NET INCOME (LOSS)		$ (495,698)	$ (110,597)
Net income (loss) allocated to limited partners		$ (494,459)	$ (110,321)
Net income (loss) allocated to general partner		$   (1,239)	$   (276)
Net income (loss) per BAC		$     (.14)	$     (.03)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 48

		2005	2004
Income
	Interest income	$    17,793	$   10,020
	Other income	-	-
		17,793	10,020
Share of loss from Operating  Partnerships(Note D)		(8,973)	-
Expenses
	Professional fees	13,406	255
	Fund management fee (Note C)	59,553	16,056
	Organization costs	-	-
	Amortization	19,349	-
	General and administrative expenses	6,094	8,877
		98,402	25,188
NET INCOME (LOSS)		$  (89,582)	$  (15,168)
Net income (loss) allocated to limited partners		$  (89,358)	$ (15,130)
Net income (loss) allocated to general  partner		$   (224)	$   (38)
Net income (loss) per BAC		$  (.04)	$  (.01)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 49

		2005	2004
Income
	Interest income	$    134,503	$     239
	Other income	-	-
		134,503	239
Share of loss from Operating  Partnerships(Note D)		(5,767)	-
Expenses
	Professional fees	26,926	-
	Fund management fee (Note C)	95,786	-
	Organization costs	-	-
	Amortization	40,823	-
	General and administrative expenses	44,571	6,369
		208,106	6,369
NET INCOME (LOSS)		$  (79,370)	$  (6,130)
Net income (loss) allocated to limited partners		$  (79,172)	$ (6,115)
Net income (loss) allocated to general  partner		$   (198)	$   (15)
Net income (loss) per BAC		$  (.03)	$  (.01)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

		2005	2004
Income
	Interest income	$    382,157	$   71,973
	Other income	-	-
		382,157	71,973
Share of loss from Operating Partnerships (Note D)		(738,688)	-
Expenses
	Professional fees	110,380	19,563
	Fund management fee (Note C)	507,092	142,137
	Organization costs	-	201,466
	Amortization	172,579	-
	General and administrative expenses	155,180	89,269
		945,231	452,435
NET INCOME (LOSS)		$(1,301,762)	$ (380,462)
Net income (loss) allocated to limited partners		$(1,298,508)	$ (379,511)
Net income (loss) allocated to general partner		$    (3,254)	$   (951)
Net income (loss) per BAC		$      (.11)	$     (.06)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 47

		2005	2004
Income
	Interest income	$    83,061	$    61,045
	Other income	-	-
		83,061	61,045
Share of loss from Operating Partnerships(Note D)		(676,113)	-
Expenses
	Professional fees	34,149	18,283
	Fund management fee (Note C)	196,242	126,081
	Organization costs	-	99,946
	Amortization	53,705	-
	General and administrative expenses	51,819	70,340
		335,915	314,650
NET INCOME (LOSS)		$ (928,967)	$ (253,605)
Net income (loss) allocated to limited partners		$ (926,645)	$ (252,971)
Net income (loss) allocated to general partner		$   (2,322)	$   (634)
Net income (loss) per BAC		$     (.27)	$     (.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 48

		2005	2004
Income
	Interest income	$    44,763	$    10,689
	Other income	-	-
		44,763	10,689
Share of loss from Operating  Partnerships(Note D)		(51,533)	-
Expenses
	Professional fees	19,638	1,280
	Fund management fee (Note C)	119,106	16,056
	Organization costs	-	101,520
	Amortization	38,108	-
	General and administrative expenses	20,789	12,560
		197,641	131,416
NET INCOME (LOSS)		$ (204,411)	$ (120,727)
Net income (loss) allocated to limited partners		$ (203,900)	$ (120,425)
Net income (loss) allocated to general  partner		$   (511)	$   (302)
Net income (loss) per BAC		$  (.09)	$  (.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 49

		2005	2004
Income
	Interest income	$   254,333	$ 239
	Other income	-	-
		254,333	239
Share of loss from Operating  Partnerships(Note D)		(11,042)	-
Expenses
	Professional fees	56,593	-
	Fund management fee (Note C)	191,744	-
	Organization costs	-	-
	Amortization	80,766	-
	General and administrative expenses	82,572	6,369
		411,675	6,369
NET INCOME (LOSS)		$ (168,384)	$  (6,130)
Net income (loss) allocated to limited partners		$ (167,963)	$  (6,115)
Net income (loss) allocated to general  partner		$   (421)	$   (15)
Net income (loss) per BAC		$  (.03)	$  (.01)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2005
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Partners' capital (deficit)   April 1, 2005	$ 92,416,511	$  (5,469)	$  (112,777)	$ 92,298,265
Capital contributions	9,916,881	-	-	9,916,881
Selling commissions and   registration costs	(1,038,659)	- -	- -	(1,038,659)
Net income (loss)	(1,298,508)	(3,254)	-	(1,301,762)
Unrealized income (loss) on securities available for sale	-	-	86,534	86,534
Partners' capital (deficit),   September 30, 2005	$ 99,996,225	$  (8,723)	$  (26,243)	$ 99,961,259

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2005
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 47
Partners' capital (deficit)   April 1, 2005	$ 28,675,468	$   (3,843)	$   (70,194)	$ 28,601,431
Capital contributions	-	-	-	-
Selling commissions and   registration costs	- -	- -	- -	- -
Net income (loss)	(926,645)	(2,322)	-	(928,967)
Unrealized income (loss) on securities available for sale	-	-	63,480	63,480
Partners' capital (deficit),   September 30, 2005	$ 27,748,823	$  (6,165)	$   (6,714)	$ 27,735,944
Series 48
Partners' capital (deficit)   April 1, 2005	$ 19,462,122	$   (1,272)	$   (42,583)	$ 19,418,267
Capital contributions	-	-	-	-
Selling commissions and   registration costs	(3,951)	- -	- -	(3,951)
Net income (loss)	(203,900)	(511)	-	(204,411)
Unrealized income (loss) on securities available for sale	-	-	45,818	45,818
Partners' capital (deficit),   September 30, 2005	$ 19,254,271	$   (1,783)	$   3,235	$ 19,255,723

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2005
(Unaudited)

	Assignees	General Partner	Accumulated or other comprehensive income	Total
Series 49
Partners' capital (deficit)   April 1, 2005	$ 44,278,921	$   (354)	$  -	$ 44,278,567
Capital contributions	9,916,881	-	-	9,916,881
Selling commissions and   registration costs	(1,034,708)	- -	- -	(1,034,708)
Net income (loss)	(167,963)	(421)	-	(168,384)
Unrealized income (loss) on securities available for sale	-	-	(22,764)	(22,764)
Partners' capital (deficit),   September 30, 2005	$ 52,993,131	$   (775)	$   (22,764)	$ 52,969,592

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

				2005	2004
Cash flows from operating activities:
	Net income (loss)			$ (1,301,762)	$ (380,462)
	Adjustments
		Amortization		172,579	-
		Distributions from Operating   Partnerships		- -	- -
		Share of Loss from Operating   Partnerships		738,688	- -
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(416,145)	(61,562)
		Decrease (Increase) in prepaid   expenses		- -	- -
		Decrease (Increase) in accounts   receivable		832,436	3,487,643
		(Decrease) Increase in accounts   payable affiliates		460,229	(258,941)
			Net cash (used in) provided by  operating activities	486,025	2,786,678
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(1,134,917)	(3,650,189)
	Capital contributions paid to    Operating Partnerships			(18,188,766)	(14,876,128)
	Advances to Operating Partnerships			(3,017,636)	(468,000)
	Investments			(4,603,444)	(5,516,843)
			Net cash (used in) provided by investing activities	(26,944,763)	(24,511,160)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

			2005	2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(1,038,659)	(5,719,689)
	Line of credit		-	(2,678,132)
	Capital contributions received		9,916,881	45,553,685
		Net cash (used in) provided by financing activities	8,878,222	37,155,864
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(17,580,516)	15,431,382
Cash and cash equivalents, beginning			33,668,430	6,659,989
Cash and cash equivalents, ending			$  16,087,914	$  22,091,371
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$  9,089,313	$  16,648,616

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 47

				2005	2004
Cash flows from operating activities:
	Net income (loss)			$   (928,967)	$   (253,605)
	Adjustments
		Amortization		53,705	-
		Distributions from Operating   Partnerships		- -	- -
		Share of Loss from Operating   Partnerships		676,113	- -
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(41,190)	(678,394)
		Decrease (Increase) in accounts   receivable		401,747	6,489,844
		(Decrease) Increase in accounts   payable affiliates		196,242	(304,608)
			Net cash (used in) provided by  operating activities	357,650	5,253,237
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(16,011)	(1,440,405)
	Capital contributions paid to    Operating Partnerships			(2,493,718)	(8,776,310)
	Advances to Operating Partnerships			(966,973)	(468,000)
	Investments			2,565,322	(5,516,843)
			Net cash (used in) provided by investing activities	(911,380)	(16,201,558)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 47

			2005	2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		-	(2,010,367)
	Line of credit		-	(2,678,132)
	Capital contributions received		-	16,333,890
		Net cash (used in) provided by financing activities	-	11,645,391
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(553,730)	697,070
Cash and cash equivalents, beginning			1,965,813	6,659,989
Cash and cash equivalents, ending			$  1,412,083	$  7,357,059
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$   -	$  8,425,036

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 48

				2005	2004
Cash flows from operating activities:
	Net income (loss)			$   (204,411)	$   (120,727)
	Adjustments
		Amortization		38,108	-
		Distributions from Operating   Partnerships		- -	- -
		Share of Loss from Operating   Partnerships		51,533	- -
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(9,311)	57,558
		Decrease (Increase) in accounts   receivable		501	(6,526)
		(Decrease) Increase in accounts   payable affiliates		119,106	6,467
			Net cash (used in) provided by  operating activities	(4,474)	(63,228)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(93,763)	(1,791,217)
	Capital contributions paid to    Operating Partnerships			(3,478,890)	(5,505,940)
	Advances to Operating Partnerships			(371,962)	-
	Investments			2,463,283	-
			Net cash (used in) provided by investing activities	(1,481,332)	(7,297,157)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 48

			2005	2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(3,951)	(2,975,397)
	Line of credit		-	-
	Capital contributions received		-	22,993,720
		Net cash (used in) provided by financing activities	(3,951)	20,018,323
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,489,757)	12,657,938
Cash and cash equivalents, beginning			3,559,396	-
Cash and cash equivalents, ending			$  2,069,639	$ 12,657,938
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$   -	$  6,441,945

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 49

				2005	2004
Cash flows from operating activities:
	Net income (loss)			$   (168,384)	$   (6,130)
	Adjustments
		Amortization		80,766	-
		Distributions from Operating   Partnerships		- -	- -
		Share of Loss from Operating   Partnerships		11,042	- -
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses		(365,644)	559,274
		Decrease (Increase) in accounts   receivable		430,188	(2,995,675)
		(Decrease) Increase in accounts   payable affiliates		144,881	39,200
			Net cash (used in) provided by  operating activities	132,849	(2,403,331)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired			(1,025,143)	(418,567)
	Capital contributions paid to    Operating Partnerships			(12,216,158)	(593,878)
	Advances to Operating Partnerships			(1,678,701)	-
	Investments			(9,632,049)	-
			Net cash (used in) provided by investing activities	(24,552,051)	(1,012,445)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 49

			2005	2004
Continued
Cash flows from financing activities:
	Sales and registration costs paid		(1,034,708)	(733,925)
	Line of credit		-	-
	Capital contributions received		9,916,881	6,226,075
		Net cash (used in) provided by financing activities	8,882,173	5,492,150
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(15,537,029)	2,076,374
Cash and cash equivalents, beginning			28,143,221	-
Cash and cash equivalents, ending			$  12,606,192	$  2,076,374
Supplemental schedule of non-cash   investing and financing activities:   The fund has increased its investments   for unpaid capital contributions   due to the Operating Partnerships			$  9,089,313	$  1,781,635

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2005
(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 September 30, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC's representing capital contributions of $117,777,060.

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 September 30, 2005:

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	April 29, 2005	6,000,000	$60,000,000

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2005
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2005 and for the three and six 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 September 30, 2005 by contractual maturity are as follows:

	Amortized Cost
Due in one year or less	$ 3,107,357
Due after one year	10,303,377
Total	$13,410,734

The fair market value of the securities is $13,384,491. The difference being an unrealized loss on securities available for sale of $26,243, as of September 30, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2005
(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:

An annual partnership management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management LP, the amounts accrued are not net of reporting fees received. The partnership management fee accrued for the quarters ended September 30, 2005 and 2004 are as follows:

	2005	2004
Series 47	$   98,034	$   50,457
Series 48	59,553	6,467
Series 49	95,786	-
Total	$ 253,373	$ 56,924

The fund management fees paid for the quarter ended September 30, 2005 and 2004 are as follows:

	2005	2004
Series 47	$   -	$   43,560
Series 48	-	9,589
Series 49	-	-
Total	$ -	$ 53,149

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2005 and 2004 the Fund has limited partnership interests in 40 and 20 Operating Partnerships which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2005 and 2004 is as follows:

	2005	2004
Series 47	15	12
Series 48	10	7
Series 49	15	1
Total	40	20

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 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 six months ended June 30, 2005.

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months Ended June 30,
(Unaudited)

		Series 47*         2005
Revenues
	Rental	$   533,121
	Interest and other	41,051
		574,172
Expenses
	Interest	214,668
	Depreciation and amortization	316,071
	Operating expenses	726,376
		1,257,115
NET LOSS		$ (682,943)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (676,113)
Net loss allocated to other Partners		$   (6,830)

*The Operating Partnerships in Series 47 did not commence operations until after June 30, 2004, therefore, they do not have comparative information to report.

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
September 30, 2005

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months Ended June 30,
(Unaudited)

		Series 48*         2005
Revenues
	Rental	$    225,864
	Interest and other	10,100
		235,964
Expenses
	Interest	59,633
	Depreciation and amortization	63,921
	Operating expenses	164,464
		288,018
NET LOSS		$  (52,054)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$  (51,533)
Net loss allocated to other Partners		$     (521)

*The Operating Partnerships in Series 48 did not commence operations until after June 30, 2004, therefore, they do not have comparative information to report.

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
September 30, 2005

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months Ended June 30,
(Unaudited)

		Series 49*         2005
Revenues
	Rental	$    166,471
	Interest and other	12,004
		178,475
Expenses
	Interest	49,879
	Depreciation and amortization	-
	Operating expenses	139,750
		189,629
NET LOSS		$  (11,154)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (11,042)
Net loss allocated to other Partners		$    (112)

*The Operating Partnerships in Series 49 did not commence operations until after June 30, 2004, therefore, they do not have comparative information to report.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the year ended December 31, 2005 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 Citibank 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 September 30, 2005 Boston Capital Tax Credit Fund V LP did not have any amounts outstanding on the line of credit.

The Fund is accruing 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. 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 $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of September 30, 2005.

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 15 Operating Partnerships in the amount of $26,279,545.

During the quarter ended September 30, 2005, Series 47 recorded capital contribution releases of $1,470,457. Series 47 has outstanding contributions payable in the amount of $5,289,110 as of September 30, 2005. Of the amount outstanding $1,245,069 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 $4,044,041 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 10 Operating Partnerships in the amount of $17,433,344.

During the quarter ended September 30, 2005, Series 48 recorded capital contribution releases of $1,782,529. Series 48 has outstanding contributions payable in the amount of $3,785,564 as of September 30, 2005. Of the amount outstanding $1,535,562 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 $2,250,002 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. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $44,427,217.

During the quarter ended September 30, 2004, Series 49 recorded capital contribution releases of $9,050,124. Series 49 has outstanding contributions payable in the amount of $23,651,675 as of September 30, 2005. Of the amount outstanding $4,656,701 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 $18,994,974 will be released from available net offering proceeds, 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 Citibank 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 September 30, 2005 Boston Capital Tax Credit Fund V LP did not have any amounts outstanding on the line of credit.

Results of Operations

As of September 30, 2005 the Fund held limited partnership interests in 40 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 September 30, 2005 as Series 47, Series 48 and Series 49 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships.

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 fund management fees incurred for the quarter ended September 30, 2005 for Series 47, Series 48, and Series 49 were $98,034, $59,553, and $95,786, respectively.

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 September 30, 2005 the average Qualified Occupancy was 82.3%. The series had a total of 15 properties at September 30, 2005. Out of the total 8 were at 100% Qualified Occupancy and 4 were in initial lease up. The series also had 3 properties with multiple buildings some of which were under construction and some of which were in lease-up at September 30, 2005. Since all of the properties were acquired after September 30, 2004, there is no comparative information to report.

For the period ended September 30, 2005, Series 47 reflects net loss from Operating Partnerships of $(682,943), which includes depreciation and amortization of $316,071. This is an interim period estimate; it is not indicative of the final year end results.

Series 48

As of September 30, 2005 the average Qualified Occupancy was 78.3%. The series had a total of 10 properties at September 30, 2005. Out of the total 5 were at 100% Qualified Occupancy and 2 were in initial lease up. The series also had 3 properties with multiple buildings some of which were under construction and some of which were in lease-up at September 30, 2005. Since all of the properties were acquired after September 30, 2004, there is no comparative information to report.

For the period ended September 30, 2005, Series 48 reflects net loss from Operating Partnerships of $(52,054), which includes depreciation and amortization of $63,921. This is an interim period estimate; it is not indicative of the final year end results.

Series 49

As of September 30, 2005 the average Qualified Occupancy was 70.5%. The series had a total of 15 properties at September 30, 2005. Out of the total 2 were at 100% Qualified Occupancy and 3 were in initial lease up. The series also had 9 properties that were still under construction and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at June 30, 2005. Since all of the properties were acquired after September 30, 2004, there is no comparative information to report.

For the period ended September 30, 2005, Series 49 reflects net loss from Operating Partnerships of $(11,154). This is an interim period estimate; it is not indicative of the final year end results.

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.

Exceptions to Certifications

The March 31, 2005 Balance Sheet of Boston Capital Tax Credit Fund V L.P. is presented as unaudited in the Form 10-Q as the Report of the Independent Registered Public Accounting Firm could not be filed within the prescribed time period because the issuer was not able to obtain audit opinions which refer to the auditing standards of the Public Company Accounting Oversight Board (United States) (PCAOB) of property partnerships, in which the issuer holds noncontrolling limited partner interests.

Historically, the audits, and the reports thereon, of the local operating partnerships (typically owned 99% by the registrant) were performed in accordance with Generally Accepted Auditing Standards (GAAS).

On May 11, 2005 draft guidance was issued by the Public Company Accounting Oversight Board which was confirmed on June 24, 2005 by the AICPA Center for Public Company Audit Firms, that clearly establishes the requirement for the audit reports of the operating partnerships of a Public Fund to refer to the auditing standards of the PCAOB.

The audits of the operating partnerships were performed primarily during the months of January and February and refer to Generally Accepted Auditing Standards. We have all appropriate originally signed opinions from the operating partnerships, however, they do not refer to the auditing standards of the Public Company Accounting Oversight Board.

Our independent registered public accounting firm has performed an audit of the registrant for the period ending March 31, 2005, but could not issue an opinion in accordance with the standards of the Public Company Accounting Oversight Board (United States). Therefore, we are filing our 10-Q with March 31, 2005 balance sheets as "UNAUDITED" as it is without an audit opinion.

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 September 30, 2005 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: November 21, 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:
November 21, 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
November 21, 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 September 30, 2005 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:
November 21, 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 September 30, 2005 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:
November 21, 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 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.

November 21, 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 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.

November 21, 2005	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer