10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended December 31, 2007

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        333-109898

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)

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

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 ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company ý

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

Yes o No ý

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2007

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 (Deficit)	15-17
		Statements of Cash Flows	18-25
		Notes to Financial Statements	26-33
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		33-36
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		37
	Item 4. Controls and Procedures		37
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		38
	Item 1A. Risk Factors		38
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		38
	Item 3. Defaults Upon Senior Securities		38
	Item 4. Submission of Matters to a Vote of Security Holders		38
	Item 5. Other Information		38
	Item 6. Exhibits		38
	Signatures		39

Boston Capital Tax Credit Fund V L.P.

BALANCE SHEETS

		December 31, 2007 (Unaudited)	March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$72,830,294	$76,670,118
OTHER ASSETS
	Cash and cash equivalents	2,379,947	1,336,613
	Investments	1,886,453	6,765,196
	Notes receivable	1,637,077	3,092,250
	Acquisition costs net	8,730,229	8,996,600
	Other assets	1,094,039	1,514,914
		$88,558,039	$98,375,691
LIABILITIES
	Accounts payable & accrued expenses	$       843	$       843
	Accounts payable affiliates	659,744	682,342
	Capital contributions payable	3,358,366	9,086,941
		4,018,953	9,770,126
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  11,777,706 issued and outstanding	84,606,167	88,718,571
General Partner		(49,812)	(39,506)
Accumulated other
	comprehensive income	(17,269)	(73,500)
		84,539,086	88,605,565
		$88,558,039	$98,375,691

The accompanying notes are an integral part of this statement

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

Series 47

		December 31, 2007 (Unaudited)	March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$19,364,943	$20,384,990
OTHER ASSETS
	Cash and cash equivalents	249,361	467,594
	Investments	555,125	1,568,343
	Notes receivable	155,857	824,301
	Acquisition costs net	2,574,323	2,653,901
	Other assets	43,989	93,988
		$22,943,598	$25,993,117
LIABILITIES
	Accounts payable & accrued expenses	$       385	$       385
	Accounts payable affiliates	279,618	238,351
	Capital contributions payable	288,745	2,346,672
		568,748	2,585,408
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  3,478,334 issued and outstanding	22,400,482	23,441,966
General Partner		(20,759)	(18,149)
Accumulated other
	comprehensive income	(4,873)	(16,108)
		22,374,850	23,407,709
		$22,943,598	$25,993,117

The accompanying notes are an integral part of this statement

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

Series 48

		December 31, 2007 (Unaudited)	March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$12,853,450	$13,928,846
OTHER ASSETS
	Cash and cash equivalents	374,911	243,438
	Investments	545,846	1,013,869
	Notes receivable	155,857	799,602
	Acquisition costs net	1,732,233	1,784,974
	Other assets	43,989	93,988
		$15,706,286	$17,864,717
LIABILITIES
	Accounts payable & accrued expenses	$       115	$       115
	Accounts payable affiliates	292,165	163,380
	Capital contributions payable	573,331	1,843,186
		865,611	2,006,681
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  2,299,372 issued and outstanding	14,859,317	15,879,583
General Partner		(13,647)	(11,090)
Accumulated other
	comprehensive income	(4,995)	(10,457)
		14,840,675	15,858,036
		$15,706,286	$17,864,717

The accompanying notes are an integral part of this statement

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

Series 49

		December 31, 2007 (Unaudited)	March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$40,611,901	$42,356,282
OTHER ASSETS
	Cash and cash equivalents	1,755,675	625,581
	Investments	785,482	4,182,984
	Notes receivable	1,325,363	1,468,347
	Acquisition costs net	4,423,673	4,557,725
	Other assets	1,006,061	1,326,938
		$49,908,155	$54,517,857
LIABILITIES
	Accounts payable & accrued expenses	$       343	$       343
	Accounts payable affiliates	87,961	280,611
	Capital contributions payable	2,496,290	4,897,083
		2,584,594	5,178,037
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  6,000,000 issued and outstanding	47,346,368	49,397,022
General Partner		(15,406)	(10,267)
Accumulated other
	comprehensive income	(7,401)	(46,935)
		47,323,561	49,339,820
		$49,908,155	$54,517,857

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)

		2007	2006
Income
	Interest income	$     99,536	$    179,241
	Other income	-	-
		99,536	179,241
Share of income (loss) from Operating  Partnerships(Note D)		(837,039)	(779,884)
Expenses
	Professional fees	20,512	20,297
	Fund management fee (Note C)	264,994	278,721
	Amortization	93,048	91,457
	General and administrative expenses	64,102	55,450
		442,656	445,925
NET INCOME (LOSS)		$(1,180,159)	$(1,046,568)
Net income (loss) allocated to limited partners		$(1,177,208)	$(1,043,951)
Net income (loss) allocated to general partner		$    (2,951)	$    (2,617)
Net income (loss) per BAC		$      (.10)	$      (.09)

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

		2007	2006
Income
	Interest income	$    36,896	$    23,461
	Other income	-	-
		36,896	23,461
Share of income (loss) from Operating  Partnerships(Note D)		(103,218)	(289,246)
Expenses
	Professional fees	7,299	5,501
	Fund management fee (Note C)	90,159	90,589
	Amortization	27,554	27,540
	General and administrative expenses	20,531	14,800
		145,543	138,430
NET INCOME (LOSS)		$ (211,865)	$ (404,215)
Net income (loss) allocated to limited partners		$ (211,335)	$ (403,204)
Net income (loss) allocated to general partner		$    (530)	$   (1,011)
Net income (loss) per BAC		$     (.06)	$     (.12)

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 48

		2007	2006
Income
	Interest income	$    36,410	$    14,476
	Other income	-	-
		36,410	14,476
Share of income (loss) from Operating  Partnerships(Note D)		(238,632)	(275,601)
Expenses
	Professional fees	5,413	3,648
	Fund management fee (Note C)	51,143	53,116
	Amortization	17,946	17,946
	General and administrative expenses	17,555	11,272
		92,057	85,982
NET INCOME (LOSS)		$ (294,279)	$ (347,107)
Net income (loss) allocated to limited partners		$ (293,543)	$ (346,239)
Net income (loss) allocated to general  partner		$     (736)	$     (868)
Net income (loss) per BAC		$     (.13)	$     (.15)

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 49

		2007	2006
Income
	Interest income	$    26,230	$    141,304
	Other income	-	-
		26,230	141,304
Share of income (loss) from Operating  Partnerships(Note D)		(495,189)	(215,037)
Expenses
	Professional fees	7,800	11,148
	Fund management fee (Note C)	123,692	135,016
	Amortization	47,548	45,971
	General and administrative expenses	26,016	29,378
		205,056	221,513
NET INCOME (LOSS)		$ (674,015)	$  (295,246)
Net income (loss) allocated to limited partners		$ (672,330)	$  (294,508)
Net income (loss) allocated to general  partner		$   (1,685)	$      (738)
Net income (loss) per BAC		$     (.11)	$      (.05)

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)

		2007	2006
Income
	Interest income	$    442,863	$    591,315
	Other income	6,799	13,200
		449,662	604,515
Share of income (loss) from Operating  Partnerships(Note D)		(3,236,168)	(2,349,687)
Expenses
	Professional fees	126,944	94,514
	Fund management fee (Note C)	792,426	807,715
	Amortization	278,697	272,697
	General and administrative expenses	138,137	173,601
		1,336,204	1,348,527
NET INCOME (LOSS)		$(4,122,710)	$(3,093,699)
Net income (loss) allocated to limited partners		$(4,112,404)	$(3,085,965)
Net income (loss) allocated to general partner		$   (10,306)	$    (7,734)
Net income (loss) per BAC		$      (.35)	$      (.26)

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

		2007	2006
Income
	Interest income	$    156,499	$     82,666
	Other income	-	-
		156,499	82,666
Share of income (loss) from Operating  Partnerships(Note D)		(766,501)	(783,757)
Expenses
	Professional fees	38,794	24,644
	Fund management fee (Note C)	271,227	279,548
	Amortization	82,663	82,529
	General and administrative expenses	41,408	40,204
		434,092	426,925
NET INCOME (LOSS)		$(1,044,094)	$(1,128,016)
Net income (loss) allocated to limited partners		$(1,041,484)	$(1,125,196)
Net income (loss) allocated to general partner		$    (2,610)	$    (2,820)
Net income (loss) per BAC		$      (.30)	$      (.32)

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 48

		2007	2006
Income
	Interest income	$    144,565	$     46,421
	Other income	-	-
		144,565	46,421
Share of income (loss) from Operating  Partnerships(Note D)		(886,700)	(790,854)
Expenses
	Professional fees	31,372	18,061
	Fund management fee (Note C)	162,913	169,764
	Amortization	53,840	53,823
	General and administrative expenses	32,563	26,615
		280,688	268,263
NET INCOME (LOSS)		$(1,022,823)	$(1,012,696)
Net income (loss) allocated to limited partners		$(1,020,266)	$(1,010,164)
Net income (loss) allocated to general  partner		$    (2,557)	$    (2,532)
Net income (loss) per BAC		$      (.44)	$      (.44)

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 49

		2007	2006
Income
	Interest income	$    141,799	$    462,228
	Other income	6,799	13,200
		148,598	475,428
Share of income (loss) from Operating  Partnerships(Note D)		(1,582,967)	(775,076)
Expenses
	Professional fees	56,778	51,809
	Fund management fee (Note C)	358,286	358,403
	Amortization	142,194	136,345
	General and administrative expenses	64,166	106,782
		621,424	653,339
NET INCOME (LOSS)		$(2,055,793)	$  (952,987)
Net income (loss) allocated to limited partners		$(2,050,654)	$  (950,605)
Net income (loss) allocated to general  partner		$    (5,139)	$    (2,382)
Net income (loss) per BAC		$      (.34)	$      (.16)

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)

Nine Months Ended December 31, 2007
(Unaudited)

	Assignees	General partner	Accumulated other comprehensive income	Comprehensive income (loss)	Total
Partners' capital (deficit)   April 1, 2007	$ 88,718,571	$ (39,506)	$ (73,500)		$ 88,605,565
Net income (loss)	(4,112,404)	(10,306)	-	(4,122,710)	(4,122,710)
Unrealized gain (loss) on securities available for sale	-	-	56,231	56,231	56,231
Total comprehensive income (loss)				$ (4,066,479)
Partners' capital (deficit),   December 31, 2007	$ 84,606,167	$ (49,812)	$ (17,269)		$ 84,539,086

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)

Nine Months Ended December 31, 2007
(Unaudited)

	Assignees	General partner	Accumulated other comprehensive income	Comprehensive income (loss)	Total
Series 47
Partners' capital (deficit)   April 1, 2007	$23,441,966	$ (18,149)	$ (16,108)		$23,407,709
Net income (loss)	(1,041,484)	(2,610)	-	(1,044,094)	(1,044,094)
Unrealized gain (loss) on securities available for sale	-	-	11,235	11,235	11,235
Total comprehensive income (loss)				$(1,032,859)
Partners' capital (deficit),   December 31, 2007	$22,400,482	$ (20,759)	$  (4,873)		$22,374,850
Series 48
Partners' capital (deficit)   April 1, 2007	$15,879,583	$ (11,090)	$ (10,457)		$15,858,036
Net income (loss)	(1,020,266)	(2,557)	-	(1,022,823)	(1,022,823)
Unrealized gain (loss) on securities available for sale	-	-	5,462	5,462	5,462
Total comprehensive income (loss)				$(1,017,361)
Partners' capital (deficit),   December 31, 2007	$14,859,317	$ (13,647)	$  (4,995)		$14,840,675

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)

Nine Months Ended December 31, 2007
(Unaudited)

	Assignees	General partner	Accumulated other comprehensive income	Comprehensive income (loss)	Total
Series 49
Partners' capital (deficit)   April 1, 2007	$ 49,397,022	$(10,267)	$ (46,935)		$ 49,339,820
Net income (loss)	(2,050,654)	(5,139)	-	(2,055,793)	(2,055,793)
Unrealized gain (loss) on securities available for sale	-	-	39,534	39,534	39,534
Total comprehensive income (loss)				$(2,016,259)
Partners' capital (deficit),   December 31, 2007	$ 47,346,368	$(15,406)	$  (7,401)		$ 47,323,561

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)

					2007		2006
Cash flows from operating activities:
	Net income (loss)				$(4,122,710)		$(3,093,699)
	Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
		Amortization			278,697		272,697
		Distributions from Operating   Partnerships			16,889		1,698
		Share of Loss from Operating   Partnerships			3,236,168		2,349,687
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses			- -		(88,464)
		Decrease (Increase) in accounts   receivable			232,899		941,520
		(Decrease) Increase in accounts   payable affiliates			(22,598)		683,972
			Net cash (used in) provided by  operating activities		(380,655)		1,067,411
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired				(148,485)		(173,944)
	Capital contributions paid to    Operating Partnerships				(2,608,077)		(11,181,597)
	(Advances to) repayments from Operating Partnerships				(754,423)		666,113
	Investments				4,934,974		6,458,690
			Net cash (used in) provided by investing activities		1,423,989		(4,230,738)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				1,043,334		(3,163,327)
Cash and cash equivalents, beginning				1,336,613		5,943,410
Cash and cash equivalents, ending				$  2,379,947		$  2,780,083

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)

		2007	2006
Supplemental schedule of noncash
investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$     61,008	$  2,312,706
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.
		$  2,397,572	$          -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$    783,934	$    129,516

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

					2007		2006
Cash flows from operating activities:
	Net income (loss)				$(1,044,094)		$(1,128,016)
	Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
		Amortization			82,663		82,529
		Distributions from Operating   Partnerships			929		738
		Share of Loss from Operating   Partnerships			766,501		783,757
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses			- -		(3,750)
		Decrease (Increase) in accounts   receivable			(43,989)		(93,793)
		(Decrease) Increase in accounts   payable affiliates			41,267		241,262
			Net cash (used in) provided by  operating activities		(196,723)		(117,273)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired				- -		(6,773)
	Capital contributions paid to    Operating Partnerships				(914,805)		(1,354,622)
	(Advances to) repayments from Operating Partnerships				(131,158)		227,480
	Investments				1,024,453		982,783
			Net cash (used in) provided by investing activities		(21,510)		(151,132)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(218,233)		(268,405)
Cash and cash equivalents, beginning				467,594		753,086
Cash and cash equivalents, ending				$    249,361		$   484,681

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

		2007	2006
Supplemental schedule of noncash
investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$          -	$     28,096
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$    893,590	$          -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$    249,532	$     42,396

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

					2007		2006
Cash flows from operating activities:
	Net income (loss)				$ (1,022,823)		$ (1,012,696)
	Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
		Amortization			53,840		53,823
		Distributions from Operating   Partnerships			3,960		- -
		Share of Loss from Operating   Partnerships			886,700		790,854
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses			- -		- -
		Decrease (Increase) in accounts   receivable			(43,989)		(93,911)
		(Decrease) Increase in accounts   payable affiliates			128,785		153,764
			Net cash (used in) provided by  operating activities		6,473		(108,166)
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired				- -		(1,338)
	Capital contributions paid to    Operating Partnerships				(192,628)		(466,885)
	(Advances to) repayments from Operating Partnerships				(155,857)		- -
	Investments				473,485		215,206
			Net cash (used in) provided by investing activities		125,000		(253,017)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				131,473		(361,183)
Cash and cash equivalents, beginning				243,438		966,312
Cash and cash equivalents, ending				$    374,911		$    605,129

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

		2007	2006
Supplemental schedule of noncash
investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$          -	$     16,718
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$    893,590	$          -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$    183,637	$     30,373

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

					2007		2006
Cash flows from operating activities:
	Net income (loss)				$(2,055,793)		$   (952,987)
	Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
		Amortization			142,194		136,345
		Distributions from Operating   Partnerships			12,000		960
		Share of Loss from Operating   Partnerships			1,582,967		775,076
	Changes in assets and liabilities
		(Decrease) Increase in accounts   payable and accrued expenses			- -		(84,714)
		Decrease (Increase) in accounts   receivable			320,877		1,129,224
		(Decrease) Increase in accounts   payable affiliates			(192,650)		288,946
			Net cash (used in) provided by  operating activities		(190,405)		1,292,850
Cash flows from investing activities:
	Acquisition costs repaid (paid) for   Operating Partnerships acquired   or to be acquired				(148,485)		(165,833)
	Capital contributions paid to    Operating Partnerships				(1,500,644)		(9,360,090)
	(Advances to) repayments from Operating Partnerships				(467,408)		438,633
	Investments				3,437,036		5,260,701
			Net cash (used in) provided by investing activities		1,320,499		(3,826,589)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				1,130,094		(2,533,739)
Cash and cash equivalents, beginning				625,581		4,224,012
Cash and cash equivalents, ending				$  1,755,675		$   1,690,273

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

		2007	2006
Supplemental schedule of noncash
investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$     61,008	$  2,267,892
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$    610,392	$          -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$    350,765	$     56,747

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(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, 2007, subscriptions had been received and accepted by the Fund for 11,777,706 BACs 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 December 31, 2007:

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

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2007 and for the 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 principles 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, 2007 by contractual maturity are as follows:

	Amortized Cost
Due in one year or less	$1,304,000
Due after one year	599,722
Total	$1,903,722

The fair market value of the securities is $1,886,453, the difference being an unrealized loss on securities available for sale of $17,269, as of December 31, 2007.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(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 fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2007 and 2006 are as follows:

	2007	2006
Series 47	$   97,089	$   97,089
Series 48	59,595	59,616
Series 49	127,662	135,016
Total	$  284,346	$  291,721

The fund management fees paid for the quarters ended December 31, 2007 and 2006 are as follows:

	2007	2006
Series 47	$  175,000	$    -
Series 48	50,000	-
Series 49	325,255	-
Total	$  550,255	$   -

The fund management fees paid for the nine months ended December 31, 2007 and 2006 are as follows:

	2007	2006
Series 47	$  250,000	$   50,000
Series 48	50,000	25,000
Series 49	575,510	75,000
Total	$  875,510	$  150,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2007 and 2006 the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2007 and 2006 is as follows:

	2007	2006
Series 47	15	15
Series 48	11	11
Series 49	24	24
Total	50	50

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007

(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 are for the nine months ended September 30, 2007.

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

		Total 2007	Total 2006
Revenues
	Rental	$ 13,821,396	$  8,454,567
	Interest and other	536,201	230,767
		14,357,597	8,685,334
Expenses
	Interest	4,081,445	2,672,337
	Depreciation and amortization	5,116,414	2,834,718
	Operating expenses	8,428,594	5,551,699
		17,626,453	11,058,754
NET LOSS		$(3,268,856)	$(2,373,420)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$(3,236,168)	$(2,349,687)
Net loss allocated to other Partners		$   (32,688)	$   (23,733)

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

		Series 47 2007	Series 47 2006
Revenues
	Rental	$ 5,555,208	$ 4,598,002
	Interest and other	162,135	65,211
		5,717,343	4,663,213
Expenses
	Interest	1,681,227	1,374,593
	Depreciation and amortization	1,490,932	1,328,534
	Operating expenses	3,319,427	2,751,759
		6,491,586	5,454,886
NET LOSS		$ (774,243)	$ (791,673)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (766,501)	$ (783,757)
Net loss allocated to other Partners		$   (7,742)	$   (7,916)

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

		Series 48 2007	Series 48 2006
Revenues
	Rental	$ 3,188,018	$ 1,923,574
	Interest and other	126,553	110,471
		3,314,571	2,034,045
Expenses
	Interest	981,333	675,784
	Depreciation and amortization	1,427,932	716,081
	Operating expenses	1,800,962	1,441,022
		4,210,227	2,832,887
NET LOSS		$ (895,656)	$ (798,842)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$ (886,700)	$ (790,854)
Net loss allocated to other Partners		$   (8,956)	$   (7,988)

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

		Series 49 2007	Series 49 2006
Revenues
	Rental	$  5,078,170	$ 1,932,991
	Interest and other	247,513	55,085
		5,325,683	1,988,076
Expenses
	Interest	1,418,885	621,960
	Depreciation and amortization	2,197,550	790,103
	Operating expenses	3,308,205	1,358,918
		6,924,640	2,770,981
NET LOSS		$(1,598,957)	$ (782,905)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.		$(1,582,967)	$ (775,076)
Net loss allocated to other Partners		$   (15,990)	$   (7,829)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2007 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 Discussion and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2007. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statemen ts included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of the 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.

The Fund is currently accruing the fund management fee.  Fund management fees accrued during the quarter ended December 31, 2007 were $284,346 and total fund management fees accrued as of December 31, 2007 were $659,744. During the quarter ended and nine months ended December 31, 2007, $550,255 and $875,510 of accrued fund management fees were paid, respectively. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these 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 of the Fund.

Capital Resources

The Fund offered BACs in the 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 December 31, 2007.

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 $26,407,255.

During the quarter ended December 31, 2007, Series 47 recorded capital contribution releases of $41,477. Series 47 has outstanding contributions payable to 2 Operating Partnerships in the amount of $288,745 as of December 31, 2007. Of the total amount outstanding, $155,857 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $132,888 will be released when the Operating Partnerships have achieved the conditions set forth in their respective 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 $17,450,063.

During the quarter ended December 31, 2007, Series 48 did not record any releases of capital contributions. Series 48 has outstanding contributions payable to 3 Operating Partnerships in the amount of $573,331 as of December 31, 2007. Of the total amount outstanding, $155,857 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $417,474 will be released when the Operating Partnerships have achieved the conditions set forth in their respective 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 24 Operating Partnerships in the amount of $45,728,155.

During the quarter ended December 31, 2007, Series 49 recorded capital contribution releases of $187,324. Series 49 has outstanding contributions payable to 10 Operating Partnerships in the amount of $2,496,290 as of December 31, 2007. Of the total amount outstanding, $2,094,592 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $401,698 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Results of Operations

As of December 31, 2007 the Fund held limited partnership interests in 50 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 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 of the Fund believes that there is adequate casualty insurance on the properties.

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 and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2007 are as follows:

	3 Months Management Fee Net of Reporting Fee	3 Months Reporting Fee	9 Months Management Fee Net of Reporting Fee	9 Months Reporting Fee
Series 47	$ 90,159	$ 6,930	$271,227	$20,040
Series 48	51,143	8,452	162,913	15,872
Series 49	123,692	3,970	358,286	24,574
	$264,994	$19,352	$792,426	$60,486

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, 2007 and 2006, the average Qualified Occupancy was 100%. The series had a total of 15 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 47 reflects net loss from Operating Partnerships of $(774,243) and $(791,673), respectively, which includes depreciation and amortization of $1,490,932 and $1,328,534, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 48

As of December 31, 2007 and 2006, the average Qualified Occupancy was 100% and 99.4%, respectively. The series had a total of 11 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 48 reflects net loss from Operating Partnerships of $(895,656) and $(798,842), respectively, which includes depreciation and amortization of $1,427,932 and $716,081, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 49

As of December 31, 2007 and 2006, the average Qualified Occupancy was 100% and 98.2%, respectively. The series had a total of 24 properties at December 31, 2007. Out of the total 22 were at 100% Qualified Occupancy and 2 were in initial lease up.

For the nine month period ended December 31, 2007 and 2006, Series 49 reflects net loss from Operating Partnerships of $(1,598,957) and $(782,905), respectively, which includes depreciation and amortization of $2,197,550 and $790,103, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Columbia Blackshear Senior Residences L.P. (Columbia Blackshear Senior Residences) is a 78-unit senior development located in Atlanta, GA. Substantial delays were encountered during the construction period, but construction was finally completed in July of 2007, six months behind schedule. Due to these delays, in the fourth quarter of 2006, the operating general partner reached an agreement with the State Credit Agency to exchange the Operating Partnership's reservation of 2004 tax credits for an allocation of 2005 tax credits. This agreement shifted the Operating Partnership's reservation expiration date from December 31, 2006, to December 31, 2007, allowing ample time to complete construction without jeopardizing the Operating Partnership's allocation of tax credits. The property achieved 100% Qualified Occupancy as of November 30, 2007, and was able to deliver the required credits for 2007. As of December 31, 2007, occupancy is 97%. The investment general partner conducted a site visit of this pr operty in December 2007, and found that the property is built well and is in a highly sought-after residence in the area. The management staff was professional, personable, and files were well maintained. During the site visit, management noted that the two unoccupied units are pre-leased with move-ins planned over the next 30-60 days.

Off Balance Sheet Arrangements

None.

Principal 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 Fund to make various 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 some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund 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 Fund is required to assess potential impairments to its long-lived assets, which is primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships.

If the book value of the Fund'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 Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership and includes the reduction in equity in loss of investment of limited partnerships.

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

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

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

Principal Critical Accounting Policies and Estimates - continued

In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements," (SFAS 157), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions, which for the Fund is April 1, 2008. In December 2007, the FASB delayed the implementation of SFAS 157 as it pertains to non-financial assets and liabilities until November 15, 2008, which for the Fund is April 1, 2009. The Fund is currently evaluating the potential impact of the adoption of SFAS 157 on its financial statements.

Item 3	Quantitative and Qualitative Disclosures 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, the general partner of the Fund, carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Funds'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 effective to ensure that information required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fun d's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
	(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, 2007 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 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2007.
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 herewith
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith
		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 herewith
		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 herewith

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 14, 2008			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 14, 2008	/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 14, 2008	/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-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.

February 14, 2008	/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.

February 14, 2008	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

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, 2007 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 14, 2008	/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, 2007 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 14, 2008	/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.