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 June 30, 2013

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 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý No 

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 the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	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  No ý

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2013

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-10
		Condensed Statements of Changes in  Partners' Capital (Deficit)	11-12
		Condensed Statements of Cash Flows	13-16
		Notes to Condensed Financial  Statements	17-24
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		24-33
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		34
	Item 4. Controls and Procedures		34
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		35
	Item 1A. Risk Factors		35
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		35
	Item 3. Defaults Upon Senior Securities		35
	Item 4. Mine Safety Disclosures		35
	Item 5. Other Information		35
	Item 6. Exhibits		35
	Signatures		36

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		June 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$27,247,096	$27,607,726
OTHER ASSETS
	Cash and cash equivalents	839,389	1,060,658
	Acquisition costs, net	2,574,743	2,746,392
	Other assets	106,411	106,411
		$30,767,639	$31,521,187
LIABILITIES
	Accounts payable and accrued expenses	$       843	$       843
	Accounts payable affiliates	3,917,582	3,833,125
	Capital contributions payable	101	101
		3,918,526	3,834,069
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  11,777,706 issued and outstanding	27,043,193	27,879,103
General Partner		(194,080)	(191,985)
		26,849,113	27,687,118
		$30,767,639	$31,521,187

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47

		June 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 6,279,734	$ 6,296,006
OTHER ASSETS
	Cash and cash equivalents	98,632	116,970
	Acquisition costs, net	1,251,207	1,334,621
	Other assets	-	-
		$ 7,629,573	$ 7,747,597
LIABILITIES
	Accounts payable and accrued expenses	$       385	$       385
	Accounts payable affiliates	1,940,519	1,843,433
	Capital contributions payable	-	-
		1,940,904	1,843,818
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  3,478,334 issued and outstanding	5,751,156	5,965,728
General Partner		(62,487)	(61,949)
		5,688,669	5,903,779
		$ 7,629,573	$ 7,747,597

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48

		June 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 4,810,678	$ 4,833,619
OTHER ASSETS
	Cash and cash equivalents	186,954	194,790
	Acquisition costs, net	521,078	555,816
	Other assets	-	-
		$ 5,518,710	$ 5,584,225
LIABILITIES
	Accounts payable and accrued expenses	$       115	$       115
	Accounts payable affiliates	1,128,255	1,068,660
	Capital contributions payable	-	-
		1,128,370	1,068,775
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  2,299,372 issued and outstanding	4,430,126	4,554,923
General Partner		(39,786)	(39,473)
		4,390,340	4,515,450
		$ 5,518,710	$ 5,584,225

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49

		June 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$16,156,684	$16,478,101
OTHER ASSETS
	Cash and cash equivalents	553,803	748,898
	Acquisition costs, net	802,458	855,955
	Other assets	106,411	106,411
		$17,619,356	$18,189,365
LIABILITIES
	Accounts payable and accrued expenses	$       343	$       343
	Accounts payable affiliates	848,808	921,032
	Capital contributions payable	101	101
		849,252	921,476
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  6,000,000 issued and outstanding	16,861,911	17,358,452
General Partner		(91,807)	(90,563)
		16,770,104	17,267,889
		$17,619,356	$18,189,365

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

		2013	2012
Income
	Interest income	$        564	$      1,447
		564	1,447
Share of loss from Operating  Partnerships(Note D)		(356,609)	(390,070)
Expenses
	Professional fees	24,344	220
	Fund management fee, net (Note C)	268,788	275,532
	Amortization	171,649	184,718
	General and administrative expenses	17,179	16,605
		481,960	477,075
NET LOSS		$  (838,005)	$  (865,698)
Net loss allocated to assignees		$  (835,910)	$  (863,533)
Net loss allocated to general partner		$    (2,095)	$    (2,165)
Net loss per BAC		$      (.07)	$      (.07)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 47

		2013	2012
Income
	Interest income	$        28	$       263
		28	263
Share of loss from Operating  Partnerships(Note D)		(14,898)	(28,971)
Expenses
	Professional fees	15,020	66
	Fund management fee, net (Note C)	96,086	96,086
	Amortization	83,414	83,414
	General and administrative expenses	5,720	5,308
		200,240	184,874
NET LOSS		$ (215,110)	$ (213,582)
Net loss allocated to assignees		$ (214,572)	$ (213,048)
Net loss allocated to general partner		$     (538)	$     (534)
Net loss per BAC		$     (.06)	$     (.06)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 48

		2013	2012
Income
	Interest income	$        49	$       280
		49	280
Share of loss from Operating  Partnerships(Note D)		(22,941)	(56,864)
Expenses
	Professional fees	3,515	44
	Fund management fee, net (Note C)	59,595	54,670
	Amortization	34,738	34,738
	General and administrative expenses	4,370	4,582
		102,218	94,034
NET LOSS		$ (125,110)	$ (150,618)
Net loss allocated to assignees		$ (124,797)	$ (150,241)
Net loss allocated to general partner		$     (313)	$     (377)
Net loss per BAC		$     (.05)	$     (.07)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 49

		2013	2012
Income
	Interest income	$        487	$        904
		487	904
Share of loss from Operating  Partnerships(Note D)		(318,770)	(304,235)
Expenses
	Professional fees	5,809	110
	Fund management fee, net (Note C)	113,107	124,776
	Amortization	53,497	66,566
	General and administrative expenses	7,089	6,715
		179,502	198,167
NET LOSS		$  (497,785)	$  (501,498)
Net loss allocated to assignees		$  (496,541)	$  (500,244)
Net loss allocated to general partner		$    (1,244)	$    (1,254)
Net loss per BAC		$      (.08)	$      (.08)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2013
(Unaudited)

	Assignees	General partner	Total
Partners' capital (deficit)   April 1, 2013	$ 27,879,103	$(191,985)	$ 27,687,118
Net loss	(835,910)	(2,095)	(838,005)
Partners' capital (deficit),   June 30, 2013	$ 27,043,193	$(194,080)	$ 26,849,113

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2013
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit)   April 1, 2013	$  5,965,728	$ (61,949)	$  5,903,779
Net loss	(214,572)	(538)	(215,110)
Partners' capital (deficit),   June 30, 2013	$  5,751,156	$ (62,487)	$  5,688,669
	Assignees	General partner	Total
Series 48
Partners' capital (deficit)   April 1, 2013	$  4,554,923	$ (39,473)	$  4,515,450
Net loss	(124,797)	(313)	(125,110)
Partners' capital (deficit),   June 30, 2013	$  4,430,126	$ (39,786)	$  4,390,340
	Assignees	General partner	Total
Series 49
Partners' capital (deficit)   April 1, 2013	$ 17,358,452	$ (90,563)	$ 17,267,889
Net loss	(496,541)	(1,244)	(497,785)
Partners' capital (deficit),   June 30, 2013	$ 16,861,911	$ (91,807)	$ 16,770,104

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

				2013		2012
Cash flows from operating activities:
	Net loss			$  (838,005)		$  (865,698)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization		171,649		184,718
		Distributions from Operating   Partnerships		4,021		46,187
		Share of Loss from Operating   Partnerships		356,609		390,070
	Changes in assets and liabilities
		(Increase) in other   assets		-		(30,000)
		Increase (Decrease) in accounts   payable affiliates		84,457		284,457
			Net cash (used in) provided by operating activities	(221,269)		9,734
Cash flows from investing activities:
	Capital contributions paid to    Operating Partnerships			-		(91,654)
			Net cash used in investing activities	-		(91,654)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					(221,269)		(81,920)
Cash and cash equivalents, beginning					1,060,658		2,051,958
Cash and cash equivalents, ending					$    839,389		$  1,970,038

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 47

					2013		2012
Cash flows from operating activities:
	Net loss				$  (215,110)		$  (213,582)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			83,414		83,414
		Distributions from Operating   Partnerships			1,374		13,684
		Share of Loss from Operating   Partnerships			14,898		28,971
	Changes in assets and liabilities
		(Increase) in other   assets			-		-
		Increase (Decrease) in accounts   payable affiliates			97,086		97,086
			Net cash (used in) provided by  operating activities		(18,338)		9,573
Cash flows from investing activities:
	Capital contributions paid to    Operating Partnerships				-		(91,654)
			Net cash used in investing activities		-		(91,654)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(18,338)		(82,081)
Cash and cash equivalents, beginning				116,970		366,067
Cash and cash equivalents, ending				$     98,632		$    283,986

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 48

					2013		2012
Cash flows from operating activities:
	Net loss				$  (125,110)		$  (150,618)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			34,738		34,738
		Distributions from Operating   Partnerships			-		14,359
		Share of Loss from Operating   Partnerships			22,941		56,864
	Changes in assets and liabilities
		(Increase) in other   assets			-		-
		Increase (Decrease) in accounts   payable affiliates			59,595		59,595
			Net cash (used in) provided by  operating activities		(7,836)		14,938
Cash flows from investing activities:
	Capital contributions paid to    Operating Partnerships				-		-
			Net cash used in investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(7,836)		14,938
Cash and cash equivalents, beginning				194,790		348,763
Cash and cash equivalents, ending				$    186,954		$    363,701

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 49

					2013		2012
Cash flows from operating activities:
	Net loss				$  (497,785)		$  (501,498)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			53,497		66,566
		Distributions from Operating   Partnerships			2,647		18,144
		Share of Loss from Operating   Partnerships			318,770		304,235
	Changes in assets and liabilities
		(Increase) in other   assets			-		(30,000)
		Increase (Decrease) in accounts   payable affiliates			(72,224)		127,776
			Net cash (used in) provided by  operating activities		(195,095)		(14,777)
Cash flows from investing activities:
	Capital contributions paid to    Operating Partnerships				-		-
			Net cash used in investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(195,095)		(14,777)
Cash and cash equivalents, beginning				748,898		1,337,128
Cash and cash equivalents, ending				$    553,803		$  1,322,351

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2013
(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 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, (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 June 30, 2013, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2013:

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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2013
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2013 and for the three 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 for the fiscal year ended March 31, 2013.

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. An impairment loss has been recognized for the years ended March 31, 2013 and 2012 of $209,097 and $153,715, respectively, for Series 49. As of March 31, 2013, the lives of the remaining acquisition costs were reassessed and determined to be 4 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$1,663,024	$1,329,368
Series 48	312,642	173,690
Series 49	53,497	66,566
	$2,029,163	$1,569,624

The annual amortization for deferred acquisition costs for the years ending June 30, 2014, 2015, 2016 and 2017 is estimated to be $686,597, $686,597, $686,597, and $514,952, respectively.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2013
(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 June 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$ 97,086	$ 97,086
Series 48	59,595	59,595
Series 49	127,776	127,776
Total	$284,457	$284,457

The fund management fees paid for the quarters ended June 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$      -	$      -
Series 48	-	-
Series 49	200,000	-
Total	$200,000	$      -

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2013 and 2012, 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 June 30, 2013 and 2012 is as follows:

	2013	2012
Series 47	15	15
Series 48	11	11
Series 49	24	24
Total	50	50

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 three months ended March 31, 2013.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2013

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Total

		2013	2012
Revenues
	Rental	$ 5,505,305	$ 5,489,522
	Interest and other	202,367	180,849
		5,707,672	5,670,371
Expenses
	Interest	863,193	907,457
	Depreciation and amortization	1,852,100	1,823,390
	Operating expenses	3,748,853	3,662,806
		6,464,146	6,393,653
NET LOSS		$ (756,474)	$ (723,282)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (748,909)	$ (716,050)
Net loss allocated to other Partners		$   (7,565)	$   (7,232)

* Amounts include $392,300 and $325,980 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2013

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 47

		2013	2012
Revenues
	Rental	$  2,140,072	$  2,114,858
	Interest and other	61,900	53,644
		2,201,972	2,168,502
Expenses
	Interest	315,306	342,869
	Depreciation and amortization	602,700	589,708
	Operating expenses	1,452,294	1,405,062
		2,370,300	2,337,639
NET LOSS		$  (168,328)	$  (169,137)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (166,645)	$  (167,446)
Net loss allocated to other Partners		$    (1,683)	$    (1,691)

* Amounts include $151,747 and $138,475 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2013

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 48

		2013	2012
Revenues
	Rental	$  1,196,213	$  1,173,005
	Interest and other	40,120	34,012
		1,236,333	1,207,017
Expenses
	Interest	153,499	160,701
	Depreciation and amortization	397,016	400,098
	Operating expenses	771,486	762,715
		1,322,001	1,323,514
NET LOSS		$   (85,668)	$  (116,497)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$   (84,811)	$  (115,332)
Net loss allocated to other Partners		$      (857)	$    (1,165)

* Amounts include $61,870 and $58,468 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2013

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 49

		2013	2012
Revenues
	Rental	$  2,169,020	$  2,201,659
	Interest and other	100,347	93,193
		2,269,367	2,294,852
Expenses
	Interest	394,388	403,887
	Depreciation and amortization	852,384	833,584
	Operating expenses	1,525,073	1,495,029
		2,771,845	2,732,500
NET LOSS		$  (502,478)	$  (437,648)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (497,453)	$  (433,272)
Net loss allocated to other Partners		$    (5,025)	$    (4,376)

* Amounts include $178,683 and $129,037 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2013 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.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

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, 2013. 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 statements 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 include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. 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 June 30, 2013 were $284,457 and total fund management fees accrued as of June 30, 2013 were $3,917,582. During the quarter ended June 30, 2013, $200,000 of the accrued fund management fees were paid. 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 June 30, 2013.

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 $26,409,598.

During the quarter ended June 30, 2013, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

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 $17,452,406.

During the quarter ended June 30, 2013, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

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 June 30, 2013, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of June 30, 2013. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of June 30, 2013, 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 months ended June 30, 2013 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 47	$ 97,086	$ 1,000	$ 96,086
Series 48	59,595	-	59,595
Series 49	127,776	14,669	113,107
	$284,457	$15,669	$268,788

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 June 30, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 15 properties at June 30, 2013, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2013 and 2012, Series 47 reflects a net loss from Operating Partnerships of $(168,328) and $(169,137), respectively, which includes depreciation and amortization of $602,700 and $589,708, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

CP Continental L.P. (Time Square on the Hill) is a 200-unit family development located in Fort Worth, TX. Despite occupancy that fluctuates around 90%, the property consistently operates below breakeven due to low rental rates and high operating expenses. Management began reducing bad debt in 2011 and as of May, 2013, bad debt has been reduced to less than 1% of rental income. Although the cash flow loss has been reduced since 2011, low rents and high expenses continue to cause the property to operate below breakeven. The property suffers from poor visibility and has almost no drive-by traffic, requiring a large amount of money to be spent on advertising. The property also has fewer amenities than the competition, which includes properties that have pools, washer/dryer connections and covered parking at the same rent levels as CP Continental. The site staff has increased its visits to nearby retailers and businesses to place fliers in an effort to increase traffic to the property. Occupancy was 97% as of June 30, 2013. Management continues to review the budget to determine areas to control expenses and improve cash flow. The property is expected to continue to operate below breakeven throughout 2013. The operating general partner is also reviewing refinancing options to lower the annual debt service. To date, the operating general partner has not identified a program that would allow it to refinance the current Housing and Urban Development debt and improve annual cash flow. The property's mortgage, real estate taxes, and insurance are current. After rental achievement, the operating general partner is obligated to promptly advance funds to eliminate any operating deficit. The operating general partner is not obligated to have subordinate loans outstanding at any time in excess of $542,490. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve. The low income tax credit compliance period expires on December 31, 2019.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Beginning in 2009, weak and declining economic conditions caused several major employers to close, resulting in a number of move-outs and evictions for non-payment of rent. Consequently, the average annual occupancy declined to 87% in 2009 after averaging in the mid-90s% during 2006 - 2008. Increased vacancy loss, bad debt, and high operating expenses caused below breakeven operations. Occupancy rebounded in 2010 as tenants and prospective tenants responded to management's decision to reduce rents to remain competitive in this price sensitive market. As a result, occupancy averaged 95%, 96% and 97% in 2010, 2011 and 2012, respectively. Average occupancy for the quarter ended June 30, 2013 was 93%. Despite this high occupancy level, operations remained below breakeven through the second quarter of 2013 due to low rent levels, continued high operating expenses, deferred maintenance costs and burdensome debt service. According to management, higher water and sewer rates caused utility costs to increase.

The operating general partner has attempted to restructure the debt in order to improve cash flow; to date this has been unsuccessful. While the investment general partner intends to continue to work with the operating general partner and lender to improve operations, as of June 30, 2013 the lender continues to not be interested in negotiating and documenting a loan modification. The mortgage, insurance and real estate taxes are all current through the second quarter of 2013. If the property is foreclosed in 2013, the estimated credit loss of $555,159 and tax credit recapture cost and interest penalty of $795,967 are equivalent to a credit loss of $160 per 1,000 BACs and a recapture and interest penalty cost of $229 per 1,000 BACs.

Pecan Acres, L.P. (La Maison Apartments) is a 78-unit family property located in Lake Charles, LA. The property operated well above breakeven from 2010 through 2012 and maintained high occupancy. Occupancy continues to be high averaging 97% in 2013. In May 2012, the investment general partner learned that one of the two operating general partners had been charging its own overhead and other unrelated expenses to the property. The investment general partner sent a demand notice to the operating general partner to return all misappropriated funds to the property accounts at that time. The investment general partner has engaged counsel and continues to work with the operating general partner's attorney to resolve this matter. The legal action taken against the co-operating general partner in 2012 is still ongoing as of the second quarter of 2013 with an expected court ruling in July 2013. All real estate tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Hillsboro Fountainhead, L.P. (Pecan Creek Apartments) is a 48-unit family property in Hillsboro, Texas. The property is located in an economically depressed rural area approximately 35 miles north of Waco, Texas. Despite a 22% decrease in operating expenses from 2012, the property continues to operate below breakeven through the second quarter of 2013 due to low occupancy. According to management, the tenant base is primarily composed of employees of a large outlet mall located two blocks from the property. As of June 2013, the mall is 50% occupied. In an effort to increase applicant traffic and occupancy, management has increased community outreach efforts to include local churches, social agencies, and the housing authority. In addition, print advertisements are circulated in the local newspapers monthly. Through the second quarter of 2013, average annual occupancy improved to 83% from a 2012 low of 63% in November. The investment general partner intends to continue to work with the operating general partner to improve resident selection, reduce administrative and maintenance expenses, and increase occupancy. The operating general partner will fund deficits as necessary. All real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Series 48

As of June 30, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 11 properties at June 30, 2013, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2013 and 2012, Series 48 reflects a net loss from Operating Partnerships of $(85,668) and $(116,497), respectively, which includes depreciation and amortization of $397,016 and $400,098, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Beginning in 2009, weak and declining economic conditions caused several major employers to close, resulting in a number of move-outs and evictions for non-payment of rent. Consequently, the average annual occupancy declined to 87% in 2009 after averaging in the mid-90s% during 2006 - 2008. Increased vacancy loss, bad debt, and high operating expenses caused below breakeven operations. Occupancy rebounded in 2010 as tenants and prospective tenants responded to management's decision to reduce rents to remain competitive in this price sensitive market. As a result, occupancy averaged 95%, 96% and 97% in 2010, 2011 and 2012, respectively. Average occupancy for the quarter ended June 30, 2013 was 93%. Despite this high occupancy level, operations remained below breakeven through the second quarter of 2013 due to low rent levels, continued high operating expenses, deferred maintenance costs and burdensome debt service. According to management, higher water and sewer rates caused utility costs to increase.

The operating general partner has attempted to restructure the debt in order to improve cash flow; to date this has been unsuccessful. While the investment general partner intends to continue to work with the operating general partner and lender to improve operations, as of June 30, 2013 the lender continues to not be interested in negotiating and documenting a loan modification. The mortgage, insurance and real estate taxes are all current through the second quarter of 2013. If the property is foreclosed in 2013, the estimated credit loss of $555,159 and tax credit recapture cost and interest penalty of $795,967 are equivalent to a credit loss of $241 per 1,000 BACs and a recapture and interest penalty cost of $346 per 1,000 BACs.

Series 49

As of June 30, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 24 properties at June 30, 2013, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2013 and 2012, Series 49 reflects a net loss from Operating Partnerships of $(502,478) and $(437,648), respectively, which includes depreciation and amortization of $852,384 and $833,584, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosewood Senior Apartments (Rosewood Place, LLC) is a 144-unit senior's development in Lenexa, Kansas. The property reached initial full qualified occupancy in November 2007. The average occupancy in 2010, 2011 and 2012 was 95%, 99% and 98%, respectively. In the second quarter of 2013, the average occupancy was 93%; however, by June 30, 2013 occupancy had slipped to 90%. Management attributed the second quarter decline in occupancy to a number of factors. First, in January 2013 asking rents for one and two bedroom units at Rosewood Place were increased by $15 and $25, respectively, which in conjunction with the minimal increase in social security benefits (i.e. 1.7% for 2013) and the rise in Medicare Part B premiums (from $99.90/month in 2012 to $104.90/month in 2013) left the target resident population income after rent and Medicare Part B premiums lower than in 2012. This prompted some residents to move out. Second, even though Rosewood Place is for seniors 55 years of age and older, the average age of residents is closer to 77, and thus their ability to live independently requires more advanced care or additional services each year a tenant ages than can be provided at Rosewood Place. Third, the management company's regional property manager left the firm in late April 2013 and the transition period until her replacement fully understands operations at Rosewood Place will take two to three months. Fourth, a new 48-unit senior's Low Income Housing Tax Credit apartment community opened in March 2013 approximately 7 miles from Rosewood Place. This new property was reportedly fully leased by the end of April 2013 including several tenants who relocated from Rosewood Place. It is asking for rents approximately $100/month less than those at Rosewood Place when tenant utility costs are factored in. Income limits and rent levels for the new property were set for households earning 40% and 50% of the area median income verses 60% for Rosewood Place. Note that residents at Rosewood Place whose only source of income is social security income would qualify to rent units at the new property. The operating general partner and the investment general partner intends to closely monitor the occupancy at Rosewood over the next several months to determine what concessions on rental rates are needed in order to return Rosewood Place's occupancy to the mid 90s% level. Management insists that its advertising partnership with Fox 4 News in Kansas City, as well as strategically placed banners, will increase the visibility of the property and increase traffic.

Operations at Rosewood Place were nominally above breakeven during 2010, 2011, and 2012, but fell below breakeven during the first half of 2013. This was due to the previously described decline in occupancy and an increase in administrative costs and repair and maintenance expenses. At the beginning of the third quarter of 2013, the investment general partner is working with the operating general partner to address the increased vacancy and to implement plans to restore operating expenses to their 2012 levels. The Operating Partnership was able to stay current on its first mortgage debt during the time period 2007 - 2010 because no real estate tax payments were made for tax years 2006 through 2010. All outstanding taxes were paid including interest and penalties on January 7, 2011. At December 31, 2010, an estimated $605,700 in real estate taxes and interest penalties were owed by Rosewood Place, LLC, including the first and second half 2010 real estate taxes. As previously noted, the full tax amount owed was paid on January 7, 2011 from capital raised as part of the loan amendment described below that closed into escrow on December 21, 2010 and was released from escrow on January 6, 2011 when all conditions for closing the amendment were satisfied.

In July 2009, a contractor filed a motion for summary judgment, requesting foreclosure of its mechanic's lien. This motion was approved on February 17, 2010, and an advertised foreclosure sale on April 14, 2010 was scheduled. On April 12, 2010, the contractor agreed to postpone the sale and to continue to negotiate a payment plan with the operating general partner. In June 2010, the operating general partner and the contractor reached an oral agreement on a five-year payment plan to settle the mechanic's lien claim for $250,000. The mechanic's lien judgment was released on December 29, 2010 as part of the settlement agreement executed in December 2010 by the contractor and the operating general partner.

In June 2010, the operating general partner refocused its efforts on negotiating a loan modification with the existing mortgage lender. By late July 2010, the operating general partner, the investment general partner and the lender had agreed in principle on a restructuring plan. In August 2010 the contractor also agreed, in concept, to the proposed loan modification. The modification documents were executed and the transaction closed into escrow on December 21, 2010. They were released from escrow on January 6, 2011 when all closing conditions were satisfied. The operating general partner contributed $148,000 towards the loan modification and a new investor contributed $600,000. The new investor was assigned a 45% interest in Rosewood Place, LLC in exchange for its $600,000 capital contribution. The new investor entity is related to the investment general partner. As a result of this transaction, approximately $249,000 per year of federal tax credits, equivalent to approximately $42 per 1,000 BACs, will be allocated to the new investor. It is anticipated that the new investor will put its 45% interest in Rosewood Place, LLC back to the investment limited partner in early 2015. On a cumulative basis, the investment general partner originally forecasted that the tax credits allocated to the original investors in Rosewood Place, LLC would be reduced by approximately $748,000 (equivalent to $125 per 1,000 BACs). However, it is now projected that the amount of tax credit reduction for the original investors will be approximately $997,000 (equivalent to $167 per 1,000 BACs). If the new investor had not contributed to the loan modification and the foreclosure had occurred in 2010, the investment general partner estimates that there would have been recapture and interest penalties relating to credits previously claimed of $613,304, as well as an estimated loss of credits for the tax years 2010-2017 of $3,854,295. This represents recapture of $102 and credit loss totaling $642, respectively, per 1,000 BACs.

This property is part of a portfolio that includes several properties that experienced operational difficulties in 2008 and 2009. During those years the operating general partner's financial position also deteriorated, preventing his ability to recapitalize any of these properties. Although the operating general partner's financial position did not improve during 2010, 2011, and 2012, operations throughout his portfolio did stabilize. During 2010, the investment general partner actively worked with the operating general partner and lender to restructure the mortgage debt as discussed above. Since the loan amendment for Rosewood Place, LLC closed in January 2011, real estate taxes, insurance escrows and bond payments have been paid currently and remained current as of June 30, 2013. In addition, payments to the contractor under the aforementioned five-year payment plan were also current as of June 30, 2013.

Rural Housing Partners of Kewaunee L.P. (Sunset Manor) is a 38-unit property located in Kewaunee, WI. Occupancy has historically been an issue at this property, mainly due to evictions for nonpayment of rent and residents vacating because of job losses. Current marketing includes advertising on Rent.com and Craigslist, advertising in the Local Free Shopper which covers three cities/towns, posting fliers in the local community, and frequent contacts with local housing agencies, as well as For Rent signs located on the property. Occupancy averaged 88% in 2012 and the property operated below breakeven. In 2013, occupancy remained a concern as the property was 87% occupied as of June 30, 2013, and the property operated below breakeven through the second quarter of 2013. All real estate taxes, mortgage and insurance payments are current. On December 31, 2019, the 15-year low income housing tax credit compliance period will expire with respect to Sunset Manor Apartments.

Rural Housing Partners of Mauston L.P. (Brookview I & II Apartments) is a 22-unit family property located in Mauston, WI. As of June 30, 2013, occupancy was 77% and the property was operating slightly below breakeven. The struggle with vacancy is a direct reflection of economic conditions in Mauston, where ongoing job losses have led to increased evictions and migration from the area. Management continues to focus marketing efforts on internet advertising. They also perform outreach to the local Housing and Urban Development office, the Wisconsin Housing Authority, and the Juneau County housing agencies. All real estate taxes, mortgage and insurance payments are current. On December 31, 2019, the 15-year low income housing tax credit compliance period will expire with respect to Brookview Apartments.

Union Square Housing Partnership, A LA L.P. (Union Square Apartments) is a 32-unit family property in Junction City, Louisiana. Through the second quarter of 2013, the property occupancy is 100% occupied and operating above breakeven. The property operated at a deficit in 2012 due to high maintenance expenses and a high level of bad debt. These expenses appear to be well controlled through the second quarter of 2013. All real estate taxes, insurance, and mortgage payments are current. The low income tax credit compliance period expires on December 31, 2019. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Union Square Housing Partnership, A LA L.P. subsequent to June 30, 2013.

Kaufman Fountainhead LP (Briarwood Apartments) is a 48-unit family property in Kaufman, Texas.  The property, located 45 miles southeast of Dallas, Texas, receives USDA/RD rental assistance for 21 units.  The property operated below breakeven in 2012 due to high operating expenses and low occupancy.  The declining local economy contributed to a number of skips and evictions for non-payment of rent.  As a result of continued low occupancy and increased maintenance expenses, the property continues to operate below breakeven through the second quarter of 2013.  Through June 2013, occupancy averaged 83%, declining to 77% (11 vacants)in May and June.  The operating general partner indicated a number of recent move-outs were families relocating at the end of the school year and for employment opportunities out of the area; also, a number of applicants that would otherwise move into the property and commute to Dallas for work are moving closer to the city due to rising commuting costs according to the operating general partner.  As of mid-July occupancy has improved to 82%, with four applications in progress.  Management is allowing new move-ins to pay their security deposits over a four month period.  The operating general partner believes occupancy will continue to improve in the third and fourth quarters of 2013 without the use of move-in concessions.  Management attributed the higher maintenance in 2013 to interior and exterior foundation repairs and unit turnover costs.  USDA will not likely allow the use of replacement reserve funds for these building repairs and turnover costs.  The operating general partner continues to fund deficits as necessary.  Real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2021. 

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. 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 are 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. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

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.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2012 and 2011. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. 

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, 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, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the 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 housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3		Quantitative and Qualitative Disclosures About Market Risk
		Not Applicable
Item 4	Controls and 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 under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund'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 relating to any series or the Fund as a whole 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 Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)		Changes in Internal Controls
			There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended June 30, 2013 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, 2013.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Mine Safety Disclosures
	Not Applicable
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
		101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished 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: August 14, 2013			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:
August 14, 2013	/s/ John P. Manning John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.
August 14, 2013	/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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
3. 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
4. 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.

August 14, 2013	/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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))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. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
3. 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
4. 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.

August 14, 2013	/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 June 30, 2013 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:
August 14, 2013	/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 June 30, 2013 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:
August 14, 2013	/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.

XML

ORGANIZATION (Details) (USD $)	3 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
BACs Sold	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series Forty Seven [Member]
Closing Date	Apr. 30, 2004
BACs Sold	3,478,334	3,478,334
Equity Raised	34,783,340
Series Forty Eight [Member]
Closing Date	Aug. 12, 2004
BACs Sold	2,299,372	2,299,372
Equity Raised	22,993,720
Series Forty Nine [Member]
Closing Date	Apr. 29, 2005
BACs Sold	6,000,000	6,000,000
Equity Raised	$ 60,000,000

XML

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Income
Interest income	$ 564	$ 1,447
Total income	564	1,447
Share of loss from Operating Partnerships(Note D)	(356,609)	(390,070)
Expenses
Professional fees	24,344	220
Fund management fee, net (Note C)	268,788	275,532
Amortization	171,649	184,718
General and administrative expenses	17,179	16,605
Operating expenses	481,960	477,075
NET LOSS	(838,005)	(865,698)
Net loss allocated to assignees	(835,910)	(863,533)
Net loss allocated to general partner	(2,095)	(2,165)
Net loss per BAC (in dollars per share)	$ (0.07)	$ (0.07)
Series Forty Seven [Member]
Income
Interest income	28	263
Total income	28	263
Share of loss from Operating Partnerships(Note D)	(14,898)	(28,971)
Expenses
Professional fees	15,020	66
Fund management fee, net (Note C)	96,086	96,086
Amortization	83,414	83,414
General and administrative expenses	5,720	5,308
Operating expenses	200,240	184,874
NET LOSS	(215,110)	(213,582)
Net loss allocated to assignees	(214,572)	(213,048)
Net loss allocated to general partner	(538)	(534)
Net loss per BAC (in dollars per share)	$ (0.06)	$ (0.06)
Series Forty Eight [Member]
Income
Interest income	49	280
Total income	49	280
Share of loss from Operating Partnerships(Note D)	(22,941)	(56,864)
Expenses
Professional fees	3,515	44
Fund management fee, net (Note C)	59,595	54,670
Amortization	34,738	34,738
General and administrative expenses	4,370	4,582
Operating expenses	102,218	94,034
NET LOSS	(125,110)	(150,618)
Net loss allocated to assignees	(124,797)	(150,241)
Net loss allocated to general partner	(313)	(377)
Net loss per BAC (in dollars per share)	$ (0.05)	$ (0.07)
Series Forty Nine [Member]
Income
Interest income	487	904
Total income	487	904
Share of loss from Operating Partnerships(Note D)	(318,770)	(304,235)
Expenses
Professional fees	5,809	110
Fund management fee, net (Note C)	113,107	124,776
Amortization	53,497	66,566
General and administrative expenses	7,089	6,715
Operating expenses	179,502	198,167
NET LOSS	(497,785)	(501,498)
Net loss allocated to assignees	(496,541)	(500,244)
Net loss allocated to general partner	$ (1,244)	$ (1,254)
Net loss per BAC (in dollars per share)	$ (0.08)	$ (0.08)

XML

INVESTMENTS IN OPERATING PARTNERSHIPS

3 Months Ended

Jun. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2013 and 2012, 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 June 30, 2013 and 2012 is as follows:

	2013		2012
Series 47		15		15
Series 48		11		11
Series 49		24		24
Total		50		50

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 three months ended March 31, 2013.

Total

	2013		2012
Revenues
Rental	$	5,505,305	$	5,489,522
Interest and other		202,367		180,849
		5,707,672		5,670,371
Expenses
Interest		863,193		907,457
Depreciation and amortization		1,852,100		1,823,390
Operating expenses		3,748,853		3,662,806
		6,464,146		6,393,653
NET LOSS	$	(756,474)	$	(723,282)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(748,909)	$	(716,050)
Net loss allocated to other Partners	$	(7,565)	$	(7,232)

* Amounts include $392,300 and $325,980 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 47

	2013		2012
Revenues
Rental	$	2,140,072	$	2,114,858
Interest and other		61,900		53,644
		2,201,972		2,168,502
Expenses
Interest		315,306		342,869
Depreciation and amortization		602,700		589,708
Operating expenses		1,452,294		1,405,062
		2,370,300		2,337,639
NET LOSS	$	(168,328)	$	(169,137)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(166,645)	$	(167,446)
Net loss allocated to other Partners	$	(1,683)	$	(1,691)

* Amounts include $151,747 and $138,475 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. 

Series 48

	2013		2012
Revenues
Rental	$	1,196,213	$	1,173,005
Interest and other		40,120		34,012
		1,236,333		1,207,017
Expenses
Interest		153,499		160,701
Depreciation and amortization		397,016		400,098
Operating expenses		771,486		762,715
		1,322,001		1,323,514
NET LOSS	$	(85,668)	$	(116,497)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(84,811)	$	(115,332)
Net loss allocated to other Partners	$	(857)	$	(1,165)

* Amounts include $61,870 and $58,468 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.  

Series 49

	2013		2012
Revenues
Rental	$	2,169,020	$	2,201,659
Interest and other		100,347		93,193
		2,269,367		2,294,852
Expenses
Interest		394,388		403,887
Depreciation and amortization		852,384		833,584
Operating expenses		1,525,073		1,495,029
		2,771,845		2,732,500
NET LOSS	$	(502,478)	$	(437,648)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(497,453)	$	(433,272)
Net loss allocated to other Partners	$	(5,025)	$	(4,376)

* Amounts include $178,683 and $129,037 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details)	Jun. 30, 2013	Jun. 30, 2012
Number Of Operating Partnerships	50	50
Series Forty Seven [Member]
Number Of Operating Partnerships	15	15
Series Forty Eight [Member]
Number Of Operating Partnerships	11	11
Series Forty Nine [Member]
Number Of Operating Partnerships	24	24

XML

ORGANIZATION (Details Textual) (USD $)	1 Months Ended
	Aug. 31, 2004	Jun. 30, 2013	Mar. 31, 2013
Minimum Units Of Limited Partners Beneficial Interest For Sale		250,000
Maximum Units Of Limited Partners Beneficial Interest For Sale		7,000,000
Limited Partners Capital Account Per Units		$ 10
Limited Partners Capital Account Additional Units Registered For Sale	8,500,000
Limited Partners Capital Account, Units Issued		11,777,706	11,777,706
Limited Partners Contributed Capital		$ 117,777,060

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Loss Not Recognized Under Equity Method Accounting	$ 392,300	$ 325,980
Series Forty Seven [Member]
Income Loss Not Recognized Under Equity Method Accounting	151,747	138,475
Series Forty Eight [Member]
Income Loss Not Recognized Under Equity Method Accounting	61,870	58,468
Series Forty Nine [Member]
Income Loss Not Recognized Under Equity Method Accounting	$ 178,683	$ 129,037

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Revenue
Rental	$ 5,505,305		$ 5,489,522
Interest and other	202,367		180,849
Operating Partnerships Revenues	5,707,672		5,670,371
Expenses
Interest	863,193		907,457
Depreciation and amortization	1,852,100		1,823,390
Operating expenses	3,748,853		3,662,806
Operating Partnerships Total Expenses	6,464,146		6,393,653
NET LOSS	(756,474)		(723,282)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	(748,909)	[1]	(716,050)	[1]
Net loss allocated to other Partners	(7,565)		(7,232)
Series Forty Seven [Member]
Revenue
Rental	2,140,072		2,114,858
Interest and other	61,900		53,644
Operating Partnerships Revenues	2,201,972		2,168,502
Expenses
Interest	315,306		342,869
Depreciation and amortization	602,700		589,708
Operating expenses	1,452,294		1,405,062
Operating Partnerships Total Expenses	2,370,300		2,337,639
NET LOSS	(168,328)		(169,137)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	(166,645)	[2]	(167,446)	[2]
Net loss allocated to other Partners	(1,683)		(1,691)
Series Forty Eight [Member]
Revenue
Rental	1,196,213		1,173,005
Interest and other	40,120		34,012
Operating Partnerships Revenues	1,236,333		1,207,017
Expenses
Interest	153,499		160,701
Depreciation and amortization	397,016		400,098
Operating expenses	771,486		762,715
Operating Partnerships Total Expenses	1,322,001		1,323,514
NET LOSS	(85,668)		(116,497)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	(84,811)	[3]	(115,332)	[3]
Net loss allocated to other Partners	(857)		(1,165)
Series Forty Nine [Member]
Revenue
Rental	2,169,020		2,201,659
Interest and other	100,347		93,193
Operating Partnerships Revenues	2,269,367		2,294,852
Expenses
Interest	394,388		403,887
Depreciation and amortization	852,384		833,584
Operating expenses	1,525,073		1,495,029
Operating Partnerships Total Expenses	2,771,845		2,732,500
NET LOSS	(502,478)		(437,648)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	(497,453)	[4]	(433,272)	[4]
Net loss allocated to other Partners	$ (5,025)		$ (4,376)

[1] Amounts include $392,300 and $325,980 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

[2] Amounts include $151,747 and $138,475 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

[3] Amounts include $61,870 and $58,468 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

[4] Amounts include $178,683 and $129,037 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

XML

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net loss	$ (838,005)	$ (865,698)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	171,649	184,718
Distributions from Operating Partnerships	4,021	46,187
Share of Loss from Operating Partnerships	356,609	390,070
Changes in assets and liabilities
(Increase) in other assets	0	(30,000)
Increase (Decrease) in accounts payable affiliates	84,457	284,457
Net cash (used in) provided by operating activities	(221,269)	9,734
Cash flows from investing activities
Capital contributions paid to Operating Partnerships	0	(91,654)
Net cash used in investing activities	0	(91,654)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(221,269)	(81,920)
Cash and cash equivalents, beginning	1,060,658	2,051,958
Cash and cash equivalents, ending	839,389	1,970,038
Series Forty Seven [Member]
Cash flows from operating activities
Net loss	(215,110)	(213,582)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	83,414	83,414
Distributions from Operating Partnerships	1,374	13,684
Share of Loss from Operating Partnerships	14,898	28,971
Changes in assets and liabilities
(Increase) in other assets	0	0
Increase (Decrease) in accounts payable affiliates	97,086	97,086
Net cash (used in) provided by operating activities	(18,338)	9,573
Cash flows from investing activities
Capital contributions paid to Operating Partnerships	0	(91,654)
Net cash used in investing activities	0	(91,654)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(18,338)	(82,081)
Cash and cash equivalents, beginning	116,970	366,067
Cash and cash equivalents, ending	98,632	283,986
Series Forty Eight [Member]
Cash flows from operating activities
Net loss	(125,110)	(150,618)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	34,738	34,738
Distributions from Operating Partnerships	0	14,359
Share of Loss from Operating Partnerships	22,941	56,864
Changes in assets and liabilities
(Increase) in other assets	0	0
Increase (Decrease) in accounts payable affiliates	59,595	59,595
Net cash (used in) provided by operating activities	(7,836)	14,938
Cash flows from investing activities
Capital contributions paid to Operating Partnerships	0	0
Net cash used in investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(7,836)	14,938
Cash and cash equivalents, beginning	194,790	348,763
Cash and cash equivalents, ending	186,954	363,701
Series Forty Nine [Member]
Cash flows from operating activities
Net loss	(497,785)	(501,498)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	53,497	66,566
Distributions from Operating Partnerships	2,647	18,144
Share of Loss from Operating Partnerships	318,770	304,235
Changes in assets and liabilities
(Increase) in other assets	0	(30,000)
Increase (Decrease) in accounts payable affiliates	(72,224)	127,776
Net cash (used in) provided by operating activities	(195,095)	(14,777)
Cash flows from investing activities
Capital contributions paid to Operating Partnerships	0	0
Net cash used in investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(195,095)	(14,777)
Cash and cash equivalents, beginning	748,898	1,337,128
Cash and cash equivalents, ending	$ 553,803	$ 1,322,351

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ACCOUNTING AND FINANCIAL REPORTING POLICIES

3 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2013 and for the three 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 for the fiscal year ended March 31, 2013.

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. An impairment loss has been recognized for the years ended March 31, 2013 and 2012 of $209,097 and $153,715, respectively, for Series 49. As of March 31, 2013, the lives of the remaining acquisition costs were reassessed and determined to be 4 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2013 and 2012 are as follows:

	2013		2012
Series 47	$	1,663,024	$	1,329,368
Series 48		312,642		173,690
Series 49		53,497		66,566
	$	2,029,163	$	1,569,624

The annual amortization for deferred acquisition costs for the years ending June 30, 2014, 2015, 2016 and 2017 is estimated to be $686,597, $686,597, $686,597, and $514,952, respectively.

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TAXABLE LOSS

3 Months Ended

Jun. 30, 2013

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2013 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.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

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 June 30, 2013 and 2012 are as follows:

	2013		2012
Series 47	$	97,086	$	97,086
Series 48		59,595		59,595
Series 49		127,776		127,776
Total	$	284,457	$	284,457

The fund management fees paid for the quarters ended June 30, 2013 and 2012 are as follows:

	2013		2012
Series 47	$	-	$	-
Series 48		-		-
Series 49		200,000		-
Total	$	200,000	$	-

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CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2013	Mar. 31, 2013
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	11,777,706	11,777,706
Units of limited partnership interest, outstanding	11,777,706	11,777,706
Series Forty Seven [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	3,478,334	3,478,334
Units of limited partnership interest, outstanding	3,478,334	3,478,334
Series Forty Eight [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	2,299,372	2,299,372
Units of limited partnership interest, outstanding	2,299,372	2,299,372
Series Forty Nine [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	6,000,000	6,000,000
Units of limited partnership interest, outstanding	6,000,000	6,000,000

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block]

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2013 and 2012 are as follows:

	2013		2012
Series 47	$	1,663,024	$	1,329,368
Series 48		312,642		173,690
Series 49		53,497		66,566
	$	2,029,163	$	1,569,624

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $)	Total	Series Forty Seven [Member]	Series Forty Eight [Member]	Series Forty Nine [Member]	Assignees [Member]	Assignees [Member] Series Forty Seven [Member]	Assignees [Member] Series Forty Eight [Member]	Assignees [Member] Series Forty Nine [Member]	General Partner [Member]	General Partner [Member] Series Forty Seven [Member]	General Partner [Member] Series Forty Eight [Member]	General Partner [Member] Series Forty Nine [Member]
Partners capital (deficit) at Mar. 31, 2013	$ 27,687,118	$ 5,903,779	$ 4,515,450	$ 17,267,889	$ 27,879,103	$ 5,965,728	$ 4,554,923	$ 17,358,452	$ (191,985)	$ (61,949)	$ (39,473)	$ (90,563)
Net loss	(838,005)	(215,110)	(125,110)	(497,785)	(835,910)	(214,572)	(124,797)	(496,541)	(2,095)	(538)	(313)	(1,244)
Partners capital (deficit) at Jun. 30, 2013	$ 26,849,113	$ 5,688,669	$ 4,390,340	$ 16,770,104	$ 27,043,193	$ 5,751,156	$ 4,430,126	$ 16,861,911	$ (194,080)	$ (62,487)	$ (39,786)	$ (91,807)

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CONDENSED BALANCE SHEETS (USD $)	Jun. 30, 2013	Mar. 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 27,247,096	$ 27,607,726
OTHER ASSETS
Cash and cash equivalents	839,389	1,060,658
Acquisition costs, net	2,574,743	2,746,392
Other assets	106,411	106,411
Assets	30,767,639	31,521,187
LIABILITIES
Accounts payable and accrued expenses	843	843
Accounts payable affiliates	3,917,582	3,833,125
Capital contributions payable	101	101
Total Liabilities	3,918,526	3,834,069
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	27,043,193	27,879,103
General partner	(194,080)	(191,985)
Partners Capital	26,849,113	27,687,118
Liabilities and Stockholders Equity	30,767,639	31,521,187
Series Forty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	6,279,734	6,296,006
OTHER ASSETS
Cash and cash equivalents	98,632	116,970
Acquisition costs, net	1,251,207	1,334,621
Other assets	0	0
Assets	7,629,573	7,747,597
LIABILITIES
Accounts payable and accrued expenses	385	385
Accounts payable affiliates	1,940,519	1,843,433
Capital contributions payable	0	0
Total Liabilities	1,940,904	1,843,818
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	5,751,156	5,965,728
General partner	(62,487)	(61,949)
Partners Capital	5,688,669	5,903,779
Liabilities and Stockholders Equity	7,629,573	7,747,597
Series Forty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	4,810,678	4,833,619
OTHER ASSETS
Cash and cash equivalents	186,954	194,790
Acquisition costs, net	521,078	555,816
Other assets	0	0
Assets	5,518,710	5,584,225
LIABILITIES
Accounts payable and accrued expenses	115	115
Accounts payable affiliates	1,128,255	1,068,660
Capital contributions payable	0	0
Total Liabilities	1,128,370	1,068,775
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	4,430,126	4,554,923
General partner	(39,786)	(39,473)
Partners Capital	4,390,340	4,515,450
Liabilities and Stockholders Equity	5,518,710	5,584,225
Series Forty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	16,156,684	16,478,101
OTHER ASSETS
Cash and cash equivalents	553,803	748,898
Acquisition costs, net	802,458	855,955
Other assets	106,411	106,411
Assets	17,619,356	18,189,365
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	848,808	921,032
Capital contributions payable	101	101
Total Liabilities	849,252	921,476
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	16,861,911	17,358,452
General partner	(91,807)	(90,563)
Partners Capital	16,770,104	17,267,889
Liabilities and Stockholders Equity	$ 17,619,356	$ 18,189,365

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RELATED PARTY TRANSACTIONS (Details Textual)	3 Months Ended
	Jun. 30, 2013
Percentage Of Annual Management Fee	0.50%

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ORGANIZATION (Tables)

3 Months Ended

Jun. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Limited Partners Capital Account by Class [Table Text Block]

Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2013:

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

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INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

3 Months Ended

Jun. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The breakdown of Operating Partnerships within the Fund at June 30, 2013 and 2012 is as follows:

	2013		2012
Series 47		15		15
Series 48		11		11
Series 49		24		24
Total		50		50

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

Accordingly, the financial results available for the Operating Partnerships are for the three months ended March 31, 2013.

Total

	2013		2012
Revenues
Rental	$	5,505,305	$	5,489,522
Interest and other		202,367		180,849
		5,707,672		5,670,371
Expenses
Interest		863,193		907,457
Depreciation and amortization		1,852,100		1,823,390
Operating expenses		3,748,853		3,662,806
		6,464,146		6,393,653
NET LOSS	$	(756,474)	$	(723,282)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(748,909)	$	(716,050)
Net loss allocated to other Partners	$	(7,565)	$	(7,232)

* Amounts include $392,300 and $325,980 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 47

	2013		2012
Revenues
Rental	$	2,140,072	$	2,114,858
Interest and other		61,900		53,644
		2,201,972		2,168,502
Expenses
Interest		315,306		342,869
Depreciation and amortization		602,700		589,708
Operating expenses		1,452,294		1,405,062
		2,370,300		2,337,639
NET LOSS	$	(168,328)	$	(169,137)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(166,645)	$	(167,446)
Net loss allocated to other Partners	$	(1,683)	$	(1,691)

* Amounts include $151,747 and $138,475 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. 

Series 48

	2013		2012
Revenues
Rental	$	1,196,213	$	1,173,005
Interest and other		40,120		34,012
		1,236,333		1,207,017
Expenses
Interest		153,499		160,701
Depreciation and amortization		397,016		400,098
Operating expenses		771,486		762,715
		1,322,001		1,323,514
NET LOSS	$	(85,668)	$	(116,497)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(84,811)	$	(115,332)
Net loss allocated to other Partners	$	(857)	$	(1,165)

* Amounts include $61,870 and $58,468 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.  

Series 49

	2013		2012
Revenues
Rental	$	2,169,020	$	2,201,659
Interest and other		100,347		93,193
		2,269,367		2,294,852
Expenses
Interest		394,388		403,887
Depreciation and amortization		852,384		833,584
Operating expenses		1,525,073		1,495,029
		2,771,845		2,732,500
NET LOSS	$	(502,478)	$	(437,648)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(497,453)	$	(433,272)
Net loss allocated to other Partners	$	(5,025)	$	(4,376)

* Amounts include $178,683 and $129,037 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

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INCOME TAXES

3 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Tax Relating To Partnership Disclosure [Text Block]

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

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ORGANIZATION

3 Months Ended

Jun. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

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 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, (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 June 30, 2013, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2013:

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.

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) (USD $)	Jun. 30, 2013	Jun. 30, 2012
Accumulated Amortization Of Acquisition Costs	$ 2,029,163	$ 1,569,624
Series Forty Seven [Member]
Accumulated Amortization Of Acquisition Costs	1,663,024	1,329,368
Series Forty Eight [Member]
Accumulated Amortization Of Acquisition Costs	312,642	173,690
Series Forty Nine [Member]
Accumulated Amortization Of Acquisition Costs	$ 53,497	$ 66,566

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RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

The fund management fee accrued for the quarters ended June 30, 2013 and 2012 are as follows:

	2013		2012
Series 47	$	97,086	$	97,086
Series 48		59,595		59,595
Series 49		127,776		127,776
Total	$	284,457	$	284,457

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the quarters ended June 30, 2013 and 2012 are as follows:

	2013		2012
Series 47	$	-	$	-
Series 48		-		-
Series 49		200,000		-
Total	$	200,000	$	-

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RELATED PARTY TRANSACTIONS (Details 1) (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Management Fees Paid	$ 200,000	$ 0
Series Forty Seven [Member]
Management Fees Paid	0	0
Series Forty Eight [Member]
Management Fees Paid	0	0
Series Forty Nine [Member]
Management Fees Paid	$ 200,000	$ 0

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Mar. 31, 2013 Series Forty Seven [Member]	Mar. 31, 2013 Series Forty Eight [Member]	Mar. 31, 2013 Series Forty Nine [Member]	Mar. 31, 2012 Series Forty Nine [Member]
Amortization Period Of Acquisition Costs		27 years 6 months
Impairment Loss Of Acquisition Costs					$ 209,097	$ 153,715
Amortization Of Acquisition Cost Remaining Contractual Term			4 years	4 years	4 years
Amortization Of Deferred Acquisition Costs Year One	686,597
Amortization Of Deferred Acquisition Costs Year Two	686,597
Amortization Of Deferred Acquisition Costs Year Three	686,597
Amortization Of Deferred Acquisition Costs Year Four	$ 514,952

XML

Document And Entity Information	3 Months Ended
	Jun. 30, 2013
Document Information [Line Items]
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND V LP
Entity Central Index Key	0001267425
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2014

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RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Gross Fund Management Fee	$ 284,457	$ 284,457
Series Forty Seven [Member]
Gross Fund Management Fee	97,086	97,086
Series Forty Eight [Member]
Gross Fund Management Fee	59,595	59,595
Series Forty Nine [Member]
Gross Fund Management Fee	$ 127,776	$ 127,776