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, 2017

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, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □	Accelerated Filer □
Non-accelerated filer □ (Do not check if a smaller reporting company)
	Smaller Reporting Company ý
	Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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, 2017

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	4-7
		Condensed Statements of Operations	8-11
		Condensed Statements of Changes in  Partners' Capital (Deficit)	12-13
		Condensed Statements of Cash Flows	14-17
		Notes to Condensed Financial  Statements	18-26
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		26-33
	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, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$    440,847	$    517,469
OTHER ASSETS
	Cash and cash equivalents	1,282,596	1,241,219
	Other assets	106,411	106,411
		$  1,829,854	$  1,865,099
LIABILITIES
	Accounts payable and accrued expenses	$        343	$        343
	Accounts payable affiliates	8,256,169	7,990,511
	Capital contributions payable	101	101
		8,256,613	7,990,955
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  11,777,706 issued and 11,768,206 outstanding as of June 30, 2017 and March 31, 2017.	(6,149,490)	(5,849,339)
General Partner		(277,269)	(276,517)
		(6,426,759)	(6,125,856)
		$  1,829,854	$  1,865,099

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, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$          -	$          -
OTHER ASSETS
	Cash and cash equivalents	397,113	373,138
	Other assets	-	-
		$    397,113	$    373,138
LIABILITIES
	Accounts payable and accrued expenses	$          -	$          -
	Accounts payable affiliates	3,450,032	3,362,346
	Capital contributions payable	-	-
		3,450,032	3,362,346
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 as of June 30, 2017 and March 31, 2017.	(2,968,579)	(2,905,027)
General Partner		(84,340)	(84,181)
		(3,052,919)	(2,989,208)
		$    397,113	$    373,138

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, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$          -	$          -
OTHER ASSETS
	Cash and cash equivalents	354,088	347,379
	Other assets	-	-
		$    354,088	$    347,379
LIABILITIES
	Accounts payable and accrued expenses	$          -	$          -
	Accounts payable affiliates	2,037,913	1,987,717
	Capital contributions payable	-	-
		2,037,913	1,987,717
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  2,299,372 issued and 2,294,872 outstanding as of June 30, 2017 and March 31, 2017.	(1,628,853)	(1,585,475)
General Partner		(54,972)	(54,863)
		(1,683,825)	(1,640,338)
		$    354,088	$    347,379

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, 2017	March 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$    440,847	$    517,469
OTHER ASSETS
	Cash and cash equivalents	531,395	520,702
	Other assets	106,411	106,411
		$  1,078,653	$  1,144,582
LIABILITIES
	Accounts payable and accrued expenses	$        343	$        343
	Accounts payable affiliates	2,768,224	2,640,448
	Capital contributions payable	101	101
		2,768,668	2,640,892
PARTNERS' CAPITAL (DEFICIT)
Assignees
	Units of limited partnership  interest, $10 stated value per BAC;  15,500,000 authorized BACs;  6,000,000 issued and 5,995,000 outstanding as of June 30, 2017 and March 31, 2017.	(1,552,058)	(1,358,837)
General Partner		(137,957)	(137,473)
		(1,690,015)	(1,496,310)
		$  1,078,653	$  1,144,582

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)

		2017	2016
Income
	Interest income	$        157	$        581
Other income		47,980	50,446
		48,137	51,027
Share of loss from Operating  Partnerships(Note D)		(76,622)	(146,090)
Expenses
	Professional fees	17,332	15,813
	Fund management fee, net (Note C)	242,113	150,062
	Amortization	-	30,145
	General and administrative expenses	12,973	13,974
		272,418	209,994
NET INCOME (LOSS)		$  (300,903)	$  (305,057)
Net income (loss) allocated to assignees		$  (300,151)	$  (304,294)
Net income (loss) allocated to general partner		$      (752)	$      (763)
Net income (loss) per BAC		$      (.03)	$      (.03)

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

		2017	2016
Income
	Interest income	$       48	$       108
Other income		20,113	20,948
		20,161	21,056
Share of loss from Operating  Partnerships(Note D)		-	-
Expenses
	Professional fees	5,509	4,939
	Fund management fee, net (Note C)	74,065	33,519
	Amortization	-	-
	General and administrative expenses	4,298	4,475
		83,872	42,933
NET INCOME (LOSS)		$  (63,711)	$  (21,877)
Net income (loss) allocated to assignees		$  (63,552)	$  (21,822)
Net income (loss) allocated to general partner		$     (159)	$      (55)
Net income (loss) per BAC		$     (.02)	$     (.01)

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

		2017	2016
Income
	Interest income	$        43	$       122
Other income		6,421	19,651
		6,464	19,773
Share of loss from Operating  Partnerships(Note D)		-	-
Expenses
	Professional fees	4,809	4,206
	Fund management fee, net (Note C)	41,196	(5,871)
	Amortization	-	-
	General and administrative expenses	3,946	3,773
		49,951	2,108
NET INCOME (LOSS)		$  (43,487)	$    17,665
Net income (loss) allocated to assignees		$  (43,378)	$    17,621
Net income (loss) allocated to general partner		$     (109)	$        44
Net income (loss) per BAC		$     (.02)	$       .01

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

		2017	2016
Income
	Interest income	$         66	$        351
Other income		21,446	9,847
		21,512	10,198
Share of loss from Operating  Partnerships(Note D)		(76,622)	(146,090)
Expenses
	Professional fees	7,014	6,668
	Fund management fee, net (Note C)	126,852	122,414
	Amortization	-	30,145
	General and administrative expenses	4,729	5,726
		138,595	164,953
NET INCOME (LOSS)		$  (193,705)	$  (300,845)
Net income (loss) allocated to assignees		$  (193,221)	$  (300,093)
Net income (loss) allocated to general partner		$      (484)	$      (752)
Net income (loss) per BAC		$      (.03)	$      (.05)

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,
(Unaudited)

	Assignees	General partner	Total
Partners' capital (deficit)   April 1, 2017	$(5,849,339)	$(276,517)	$(6,125,856)
Net loss	(300,151)	(752)	(300,903)
Partners' capital (deficit),   June 30, 2017	$(6,149,490)	$(277,269)	$(6,426,759)

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,
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit)   April 1, 2017	$(2,905,027)	$ (84,181)	$(2,989,208)
Net loss	(63,552)	(159)	(63,711)
Partners' capital (deficit),   June 30, 2017	$(2,968,579)	$ (84,340)	$(3,052,919)
	Assignees	General partner	Total
Series 48
Partners' capital (deficit)   April 1, 2017	$(1,585,475)	$ (54,863)	$(1,640,338)
Net loss	(43,378)	(109)	(43,487)
Partners' capital (deficit),   June 30, 2017	$(1,628,853)	$ (54,972)	$(1,683,825)
	Assignees	General partner	Total
Series 49
Partners' capital (deficit)   April 1, 2017	$(1,358,837)	$(137,473)	$(1,496,310)
Net loss	(193,221)	(484)	(193,705)
Partners' capital (deficit),   June 30, 2017	$(1,552,058)	$(137,957)	$(1,690,015)

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)

				2017		2016
Cash flows from operating activities:
	Net income (loss)			$  (300,903)		$  (305,057)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization		-		30,145
		Distributions from Operating   Partnerships		-		7,736
		Share of loss from Operating   Partnerships		76,622		146,090
	Changes in assets and liabilities
		(Decrease) in accounts   payable and accrued expenses		-		(500)
		Increase in accounts   payable affiliates		265,658		271,925
			Net cash provided by operating activities	41,377		150,339
INCREASE IN CASH AND CASH EQUIVALENTS					41,377		150,339
Cash and cash equivalents, beginning					1,241,219		969,029
Cash and cash equivalents, ending					$  1,282,596		$  1,119,368

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

					2017		2016
Cash flows from operating activities:
	Net income (loss)				$   (63,711)		$   (21,877)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization			-		-
		Distributions from Operating   Partnerships			-		-
		Share of loss from Operating   Partnerships			-		-
	Changes in assets and liabilities
		(Decrease) in accounts   payable and accrued expenses			-		(385)
		Increase in accounts   payable affiliates			87,686		90,820
			Net cash provided by operating activities		23,975		68,558
INCREASE IN CASH AND CASH EQUIVALENTS				23,975		68,558
Cash and cash equivalents, beginning				373,138		251,317
Cash and cash equivalents, ending				$    397,113		$    319,875

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

					2017		2016
Cash flows from operating activities:
	Net income (loss)				$   (43,487)		$     17,665
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization			-		-
		Distributions from Operating   Partnerships			-		-
		Share of loss from Operating   Partnerships			-		-
	Changes in assets and liabilities
		(Decrease) in accounts   payable and accrued expenses			-		(115)
		Increase in accounts   payable affiliates			50,196		53,329
			Net cash provided by operating activities		6,709		70,879
INCREASE IN CASH AND CASH EQUIVALENTS				6,709		70,879
Cash and cash equivalents, beginning				347,379		244,197
Cash and cash equivalents, ending				$    354,088		$    315,076

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

					2017		2016
Cash flows from operating activities:
	Net income (loss)				$  (193,705)		$  (300,845)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Amortization			-		30,145
		Distributions from Operating   Partnerships			-		7,736
		Share of loss from Operating   Partnerships			76,622		146,090
	Changes in assets and liabilities
		(Decrease) in accounts   payable and accrued expenses			-		-
		Increase in accounts   payable affiliates			127,776		127,776
			Net cash provided by operating activities		10,693		10,902
INCREASE IN CASH AND CASH EQUIVALENTS				10,693		10,902
Cash and cash equivalents, beginning				520,702		473,515
Cash and cash equivalents, ending				$    531,395		$    484,417

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, 2017
(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, 2017, 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, 2017:

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, 2017
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2017 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, 2017.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$        -	$        -
Series 48	-	-
Series 49	-	30,145
	$        -	$   30,145

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(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, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ 87,686	$ 90,820
Series 48	50,196	53,329
Series 49	127,776	127,776
Total	$265,658	$271,925

The fund management fees paid for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$      -	$      -
Series 48	-	-
Series 49	-	-
Total	$      -	$      -

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2017 and 2016, the Fund had limited partnership interests in 48 Operating Partnerships, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2017 and 2016 is as follows:

	2017	2016
Series 47	14	14
Series 48	10	10
Series 49	24	24
Total	48	48

Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (CONTINUED)

During the three months ended June 30, 2017 and 2016, the Fund disposed of zero and two Operating Partnerships, respectively. A summary of the dispositions by Series for June 30, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 47	-	1	$	-	$	-
Series 48	-	1		-		-
Series 49	-	-		-		-
Total	-	2	$	-	$	-

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

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, 2017.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Total

		2017	2016
Revenues
	Rental	$  5,467,464	$  5,465,451
	Interest and other	130,242	162,295
		5,597,706	5,627,746
Expenses
	Interest	822,484	657,909
	Depreciation and amortization	1,418,584	1,596,191
	Operating expenses	4,189,919	3,697,028
		6,430,987	5,951,128
NET LOSS		$  (833,281)	$  (323,382)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (824,948)	$  (320,148)
Net loss allocated to other Partners		$    (8,333)	$    (3,234)

* Amounts include $748,326 and $174,058 for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 47

		2017	2016
Revenues
	Rental	$  2,066,488	$  2,072,234
	Interest and other	44,165	50,566
		2,110,653	2,122,800
Expenses
	Interest	302,926	244,551
	Depreciation and amortization	448,948	493,366
	Operating expenses	1,484,383	1,428,706
		2,236,257	2,166,623
NET LOSS		$  (125,604)	$   (43,823)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (124,348)	$   (43,385)
Net loss allocated to other Partners		$    (1,256)	$      (438)

* Amounts include $124,348 and $43,385 for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 48

		2017	2016
Revenues
	Rental	$  1,009,907	$  1,035,078
	Interest and other	24,083	18,637
		1,033,990	1,053,715
Expenses
	Interest	119,442	57,113
	Depreciation and amortization	256,342	269,156
	Operating expenses	1,043,481	734,528
		1,419,265	1,060,797
NET LOSS		$  (385,275)	$    (7,082)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (381,422)	$    (7,011)
Net loss allocated to other Partners		$    (3,853)	$       (71)

* Amounts include $381,422 and $7,011 for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 49

		2017	2016
Revenues
	Rental	$  2,391,069	$  2,358,139
	Interest and other	61,994	93,092
		2,453,063	2,451,231
Expenses
	Interest	400,116	356,245
	Depreciation and amortization	713,294	833,669
	Operating expenses	1,662,055	1,533,794
		2,775,465	2,723,708
NET LOSS		$  (322,402)	$  (272,477)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (319,178)	$  (269,752)
Net loss allocated to other Partners		$    (3,224)	$    (2,725)

* Amounts include $242,556 and $123,662 for 2017 and 2016, 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, 2017
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended June 30, 2017 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 2013 remain open.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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, 2017. 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, 2017 were $265,658 and total fund management fees accrued as of June 30, 2017 were $8,256,169. During the quarter ended June 30, 2017, none 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, 2017.

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. Series 47 has since sold its interest in 1 of the Operating Partnerships and 14 remain.

During the quarter ended June 30, 2017, 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. Series 48 has since sold its interest in 1 of the Operating Partnerships and 10 remain.

During the quarter ended June 30, 2017, 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, 2017, 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, 2017. 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, 2017, the Fund held limited partnership interests in 48 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, 2017 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 47	$ 87,686	$13,621	$ 74,065
Series 48	50,196	9,000	41,196
Series 49	127,776	924	126,852
	$265,658	$23,545	$242,113

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, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 14 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 47 reflects a net loss from Operating Partnerships of $(125,604) and $(43,823), respectively, which includes depreciation and amortization of $448,948 and $493,366, 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. Due to low rental rates and high operating expenses, the property operates below breakeven. However, the year-to-date operating deficit is lower than prior years due to increased rental income. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee is unlimited in time and up to $542,490. The 15-year low income tax credit compliance period with respect to CP Continental L.P. expires on December 31, 2019.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operated below breakeven from 2006 - 2015. The investment general partner worked with the operating general partner and the management company in an attempt to improve operations. Whether the operating general partner's operating deficit guarantee had expired was disputed by the operating general partner and the investment general partner. Nevertheless, operating deficits were partially financed by advances from the operating general partner during the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. The operating general partner signed a letter of intent in December 2015 and a subsequent purchase and sale agreement in January 2016 to sell the property to a buyer who agreed to manage the property compliant with the requirements of Section 42 and sign a post transfer compliance and indemnity agreement and a personal guaranty. The subject property sale was completed on April 8, 2016. Although there were no distributable proceeds to the investment limited partners from the sale, the buyer of the property did execute a post transfer compliance & indemnity agreement, and a personal guaranty at closing preventing a foreclosure and mitigating the risk of recapture costs for the investment limited partners. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the sale of the Operating Partnership has been recorded as of June 30, 2016.

Park Plaza Village L.P. (Park Plaza Village Apartments) is a 14-unit family property in Temple, OK.  Due to fluctuating occupancy and high expenses, operations were below breakeven in 2016. Occupancy averaged 81% in 2016 and 74% through June 2017. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on August 31, 2014. The 15-year low income housing tax credit compliance period with respect to Park Plaza Village L.P. expires on December 31, 2018.

Hillsboro Fountainhead, L.P. (Pecan Creek Apartments) is a 48-unit family property in Hillsboro, Texas. The property has historically operated below breakeven due to low occupancy, insufficient rental income and high operating expenses. However, in 2017, occupancy has improved to 93% and operating expenses have decreased. The investment general partner will continue to work closely with the operating general partner and the affiliated management company to improve operations. The operating general partner's operating deficit guarantee has expired; however, operating general partner continues to fund deficits through advances and by accruing management fees. The 15-year low income housing tax credit compliance period with respect to Hillsboro Fountainhead, L.P. expires on December 31, 2019.

The Masters Apartments, L.P (Crawford Park Apartments Homes) is a 144-unit family property located in Dallas, TX. Due to a drastic decline in occupancy and high operating expenses associated with re-branding the property and improving the tenant pool, operations fell below breakeven in 2016 and remain below breakeven in 2017. The investment general partner will continue to work closely with the operating general partner and the management company to improve operations and occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to The Masters Apartments, L.P. expires on December 31, 2020.

Series 48

As of June 30, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 10 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 48 reflects a net loss from Operating Partnerships of $(385,275) and $(7,082), respectively, which includes depreciation and amortization of $256,342 and $269,156, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

CTP L.P. (Contempo Apartments) is a 48-unit family property in in Hammond, LA. As of June 30, 2017, the property was 94% occupied. In August 2016, heavy rains caused flash flooding in the area. Of the total 48 units, 32 were severely damaged and required rehabilitation. These same units were impacted by the March 2016 floods and were fully repaired and occupied at the time of the most recent flooding. An adjuster visited the property and a claim was made for approximately $500,000. All units have been fully repaired. The property operated below breakeven in 2016, but has operated above breakeven in the first two quarters of 2017. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to CTP L.P. expires on December 31, 2019. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for CTP L.P.subsequent to June 30, 2017.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operated below breakeven from 2006 - 2015. The investment general partner worked with the operating general partner and the management company in an attempt to improve operations. Whether the operating general partner's operating deficit guarantee had expired was disputed by the operating general partner and the investment general partner. Nevertheless, operating deficits were partially financed by advances from the operating general partner during the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. The operating general partner signed a letter of intent in December 2015 and a subsequent purchase and sale agreement in January 2016 to sell the property to a buyer who agreed to manage the property compliant with the requirements of Section 42 and sign a post transfer compliance and indemnity agreement and a personal guaranty. The subject property sale was completed on April 8, 2016. Although there were no distributable proceeds to the investment limited partners from the sale, the buyer of the property did execute a post transfer compliance & indemnity agreement, and a personal guaranty at closing preventing a foreclosure and mitigating the risk of recapture costs for the investment limited partners. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the sale of the Operating Partnership has been recorded as of June 30, 2016.

Wyndam-Emporia L.P. (Wyndam Place Senior Residences) is a 42-unit senior property located in Emporia, KS. Due to low occupancy, and management's inability to raise rents, the property continues to operate below breakeven. Effective January 1, 2016, the operating general partner modified the existing loan resulting in an annual debt service reduction of $14,000. The investment general partner continues to work with the operating general partner and the management company to monitor and improve occupancy and operations. The operating general partner remains under the operating deficit guarantee until the property can demonstrate twelve consecutive months of above breakeven operations. The 15-year low income housing tax credit compliance period with respect to Wyndam-Emporia L.P. expires on December 31, 2020.

The Masters Apartments, L.P (Crawford Park Apartments Homes) is a 144-unit family property located in Dallas, TX. Due to a drastic decline in occupancy and high operating expenses associated with re-branding the property and improving the tenant pool, operations fell below breakeven in 2016 and remain below breakeven in 2017. The investment general partner will continue to work closely with the operating general partner and the management company to improve operations and occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to The Masters Apartments, L.P. expires on December 31, 2020.

Series 49

As of June 30, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 24 properties at June 30, 2017, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2017 and 2016, Series 49 reflects a net loss from Operating Partnerships of $(322,402) and $(272,477), respectively, which includes depreciation and amortization of $713,294 and $833,669, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosewood Place, L.L.C. (Rosewood Senior) is a 144-unit apartment development for seniors located in Lenexa, Kansas. The property operated above breakeven during 2015 and 2016. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner and regularly receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner's personal assets, including the eventual sale of his operating general partner interest in the subject operating partnership. Although the operating general partner's operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, L.L.C. expires on December 31, 2021.

Union Square Housing Partnership, A LA L.P. (Union Square Apartments) is a 32-unit family property in Junction City, LA. The property operated below breakeven in 2016 due to high operating expenses. The investment limited partner will continue to work with the operating general partner to reduce expenses and improve operations. The operating general partner's operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period with respect to Union Square Housing Partnership, A LA L.P. expires on December 31, 2019.

Linden-Bartlesville Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Bartlesville, OK. Operations have been consistently below breakeven since the fourth quarter of 2014 due to low occupancy levels and the inability to increase rents due to unanticipated competition in the market. A debt modification was secured during 2016, which reduced annual debt service payments by approximately $11,000. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits and has confirmed its commitment to continue doing so. The 15-year low income housing tax credit compliance period with respect to Linden-Bartlesville Partners, L.P. expires on December 31, 2020.  

Linden-Shawnee Partners, L.P. (Linden's Apartments) is a 54-unit family property in Shawnee, OK. Operations were below breakeven in 2016, largely due to management's inability to increase rents and retain current tenants, while incurring additional operating expenses. The Investment Limited Partner will continue to work with the Operating General Partner and management company to improve occupancy and operations. The Operating General Partner's operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period with respect to Linden-Shawnee Partners, L.P. expires on December 31, 2020.

Columbia Blackshear Senior Residences, L.P. (Columbia Blackshear Apartments) is a 78-unit senior property located in Atlanta, GA. The property operated below breakeven in 2016 due to high operating expenses. In 2017 occupancy has been strong and expenses have decreased, resulting in above breakeven operations. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits if they arise. The 15-year low income housing tax credit compliance period with respect to Columbia Blackshear senior Residences, L.P. expires on December 31, 2021.

New Chester Townhouses, A Limited Partnership (Chester Townhouses) is a 62-unit family property in Chester, SC. Operations were below breakeven in 2016 due to high operating expenses. Based on unaudited financials through the second quarter of 2017, operations have improved to above breakeven due to higher revenue and lower operating expenses. The investment general partner will continue to work with the operating general partner and management company to improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to New Chester Townhouses, A Limited Partnership 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, 2016 and 2015. 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, 2017 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, 2017.
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, 2017 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, filed herein

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.
		By:	Boston Capital Associates V LLC, General Partner
Date: August 11, 2017			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 11, 2017	/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 11, 2017	/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.

Date:	/s/ John P. Manning
August 11, 2017	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.

Date:	/s/ Marc N. Teal
August 11, 2017	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, 2017 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 11, 2017	/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, 2017 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 11, 2017	/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

Document And Entity Information	3 Months Ended
	Jun. 30, 2017 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
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

XML

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Mar. 31, 2017
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 440,847	$ 517,469
OTHER ASSETS
Cash and cash equivalents	1,282,596	1,241,219
Other assets	106,411	106,411
Assets	1,829,854	1,865,099
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	8,256,169	7,990,511
Capital contributions payable	101	101
Total Liabilities	8,256,613	7,990,955
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(6,149,490)	(5,849,339)
General Partner	(277,269)	(276,517)
Partners Capital	(6,426,759)	(6,125,856)
Liabilities and Stockholders' Equity	1,829,854	1,865,099
Series 47 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	397,113	373,138
Other assets	0	0
Assets	397,113	373,138
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates	3,450,032	3,362,346
Capital contributions payable	0	0
Total Liabilities	3,450,032	3,362,346
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(2,968,579)	(2,905,027)
General Partner	(84,340)	(84,181)
Partners Capital	(3,052,919)	(2,989,208)
Liabilities and Stockholders' Equity	397,113	373,138
Series 48 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	354,088	347,379
Other assets	0	0
Assets	354,088	347,379
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates	2,037,913	1,987,717
Capital contributions payable	0	0
Total Liabilities	2,037,913	1,987,717
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(1,628,853)	(1,585,475)
General Partner	(54,972)	(54,863)
Partners Capital	(1,683,825)	(1,640,338)
Liabilities and Stockholders' Equity	354,088	347,379
Series 49 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	440,847	517,469
OTHER ASSETS
Cash and cash equivalents	531,395	520,702
Other assets	106,411	106,411
Assets	1,078,653	1,144,582
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	2,768,224	2,640,448
Capital contributions payable	101	101
Total Liabilities	2,768,668	2,640,892
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(1,552,058)	(1,358,837)
General Partner	(137,957)	(137,473)
Partners Capital	(1,690,015)	(1,496,310)
Liabilities and Stockholders' Equity	$ 1,078,653	$ 1,144,582

XML

CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2017	Mar. 31, 2017
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	11,768,206	11,768,206
Series 47 [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 48 [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	2,294,872	2,294,872
Series 49 [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	5,995,000	5,995,000

XML

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income
Interest income	$ 157	$ 581
Other income	47,980	50,446
Total income	48,137	51,027
Share of loss from Operating Partnerships(Note D)	(76,622)	(146,090)
Expenses
Professional fees	17,332	15,813
Fund management fee, net (Note C)	242,113	150,062
Amortization	0	30,145
General and administrative expenses	12,973	13,974
Operating expenses	272,418	209,994
NET INCOME (LOSS)	(300,903)	(305,057)
Net income (loss) allocated to assignees	(300,151)	(304,294)
Net income (loss) allocated to general partner	$ (752)	$ (763)
Net income (loss) per BAC (in dollars per share)	$ (0.03)	$ (0.03)
Series 47 [Member]
Income
Interest income	$ 48	$ 108
Other income	20,113	20,948
Total income	20,161	21,056
Share of loss from Operating Partnerships(Note D)	0	0
Expenses
Professional fees	5,509	4,939
Fund management fee, net (Note C)	74,065	33,519
Amortization	0	0
General and administrative expenses	4,298	4,475
Operating expenses	83,872	42,933
NET INCOME (LOSS)	(63,711)	(21,877)
Net income (loss) allocated to assignees	(63,552)	(21,822)
Net income (loss) allocated to general partner	$ (159)	$ (55)
Net income (loss) per BAC (in dollars per share)	$ (0.02)	$ (0.01)
Series 48 [Member]
Income
Interest income	$ 43	$ 122
Other income	6,421	19,651
Total income	6,464	19,773
Share of loss from Operating Partnerships(Note D)	0	0
Expenses
Professional fees	4,809	4,206
Fund management fee, net (Note C)	41,196	(5,871)
Amortization	0	0
General and administrative expenses	3,946	3,773
Operating expenses	49,951	2,108
NET INCOME (LOSS)	(43,487)	17,665
Net income (loss) allocated to assignees	(43,378)	17,621
Net income (loss) allocated to general partner	$ (109)	$ 44
Net income (loss) per BAC (in dollars per share)	$ (0.02)	$ 0.01
Series 49 [Member]
Income
Interest income	$ 66	$ 351
Other income	21,446	9,847
Total income	21,512	10,198
Share of loss from Operating Partnerships(Note D)	(76,622)	(146,090)
Expenses
Professional fees	7,014	6,668
Fund management fee, net (Note C)	126,852	122,414
Amortization	0	30,145
General and administrative expenses	4,729	5,726
Operating expenses	138,595	164,953
NET INCOME (LOSS)	(193,705)	(300,845)
Net income (loss) allocated to assignees	(193,221)	(300,093)
Net income (loss) allocated to general partner	$ (484)	$ (752)
Net income (loss) per BAC (in dollars per share)	$ (0.03)	$ (0.05)

XML

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 3 months ended Jun. 30, 2017 - USD ($)	Total	Assignees [Member]	General Partner [Member]	Series 47 [Member]	Series 47 [Member] Assignees [Member]	Series 47 [Member] General Partner [Member]	Series 48 [Member]	Series 48 [Member] Assignees [Member]	Series 48 [Member] General Partner [Member]	Series 49 [Member]	Series 49 [Member] Assignees [Member]	Series 49 [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2017	$ (6,125,856)	$ (5,849,339)	$ (276,517)	$ (2,989,208)	$ (2,905,027)	$ (84,181)	$ (1,640,338)	$ (1,585,475)	$ (54,863)	$ (1,496,310)	$ (1,358,837)	$ (137,473)
Net loss	(300,903)	(300,151)	(752)	(63,711)	(63,552)	(159)	(43,487)	(43,378)	(109)	(193,705)	(193,221)	(484)
Partners' capital (deficit) at Jun. 30, 2017	$ (6,426,759)	$ (6,149,490)	$ (277,269)	$ (3,052,919)	$ (2,968,579)	$ (84,340)	$ (1,683,825)	$ (1,628,853)	$ (54,972)	$ (1,690,015)	$ (1,552,058)	$ (137,957)

XML

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ (300,903)	$ (305,057)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	30,145
Distributions from Operating Partnerships	0	7,736
Share of loss from Operating Partnerships	76,622	146,090
Changes in assets and liabilities
(Decrease) in accounts payable and accrued expenses	0	(500)
Increase in accounts payable affiliates	265,658	271,925
Net cash provided by operating activities	41,377	150,339
INCREASE IN CASH AND CASH EQUIVALENTS	41,377	150,339
Cash and cash equivalents, beginning	1,241,219	969,029
Cash and cash equivalents, ending	1,282,596	1,119,368
Series 47 [Member]
Cash flows from operating activities:
Net income (loss)	(63,711)	(21,877)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	0
Distributions from Operating Partnerships	0	0
Share of loss from Operating Partnerships	0	0
Changes in assets and liabilities
(Decrease) in accounts payable and accrued expenses	0	(385)
Increase in accounts payable affiliates	87,686	90,820
Net cash provided by operating activities	23,975	68,558
INCREASE IN CASH AND CASH EQUIVALENTS	23,975	68,558
Cash and cash equivalents, beginning	373,138	251,317
Cash and cash equivalents, ending	397,113	319,875
Series 48 [Member]
Cash flows from operating activities:
Net income (loss)	(43,487)	17,665
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	0
Distributions from Operating Partnerships	0	0
Share of loss from Operating Partnerships	0	0
Changes in assets and liabilities
(Decrease) in accounts payable and accrued expenses	0	(115)
Increase in accounts payable affiliates	50,196	53,329
Net cash provided by operating activities	6,709	70,879
INCREASE IN CASH AND CASH EQUIVALENTS	6,709	70,879
Cash and cash equivalents, beginning	347,379	244,197
Cash and cash equivalents, ending	354,088	315,076
Series 49 [Member]
Cash flows from operating activities:
Net income (loss)	(193,705)	(300,845)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Amortization	0	30,145
Distributions from Operating Partnerships	0	7,736
Share of loss from Operating Partnerships	76,622	146,090
Changes in assets and liabilities
(Decrease) in accounts payable and accrued expenses	0	0
Increase in accounts payable affiliates	127,776	127,776
Net cash provided by operating activities	10,693	10,902
INCREASE IN CASH AND CASH EQUIVALENTS	10,693	10,902
Cash and cash equivalents, beginning	520,702	473,515
Cash and cash equivalents, ending	$ 531,395	$ 484,417

XML

ORGANIZATION

3 Months Ended

Jun. 30, 2017

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, 2017, 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, 2017:

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.

XML

ACCOUNTING AND FINANCIAL REPORTING POLICIES

3 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2017 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, 2017.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$        -	$        -
Series 48	-	-
Series 49	-	30,145
	$        -	$   30,145

XML

RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2017

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, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ 87,686	$ 90,820
Series 48	50,196	53,329
Series 49	127,776	127,776
Total	$265,658	$271,925

The fund management fees paid for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$      -	$      -
Series 48	-	-
Series 49	-	-
Total	$      -	$      -

XML

INVESTMENTS IN OPERATING PARTNERSHIPS

3 Months Ended

Jun. 30, 2017

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2017 and 2016, the Fund had limited partnership interests in 48 Operating Partnerships, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2017 and 2016 is as follows:

	2017	2016
Series 47	14	14
Series 48	10	10
Series 49	24	24
Total	48	48

Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. 

During the three months ended June 30, 2017 and 2016, the Fund disposed of zero and two Operating Partnerships, respectively. A summary of the dispositions by Series for June 30, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 47	-	1	$	-	$	-
Series 48	-	1		-		-
Series 49	-	-		-		-
Total	-	2	$	-	$	-

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

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, 2017.

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

Total

		2017	2016
Revenues
	Rental	$  5,467,464	$  5,465,451
	Interest and other	130,242	162,295
		5,597,706	5,627,746
Expenses
	Interest	822,484	657,909
	Depreciation and amortization	1,418,584	1,596,191
	Operating expenses	4,189,919	3,697,028
		6,430,987	5,951,128
NET LOSS		$  (833,281)	$  (323,382)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (824,948)	$  (320,148)
Net loss allocated to other Partners		$    (8,333)	$    (3,234)

* Amounts include $748,326 and $174,058 for 2017 and 2016, 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.

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

Series 47

		2017	2016
Revenues
	Rental	$  2,066,488	$  2,072,234
	Interest and other	44,165	50,566
		2,110,653	2,122,800
Expenses
	Interest	302,926	244,551
	Depreciation and amortization	448,948	493,366
	Operating expenses	1,484,383	1,428,706
		2,236,257	2,166,623
NET LOSS		$  (125,604)	$   (43,823)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (124,348)	$   (43,385)
Net loss allocated to other Partners		$    (1,256)	$      (438)

* Amounts include $124,348 and $43,385 for 2017 and 2016, 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.

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

Series 48

		2017	2016
Revenues
	Rental	$  1,009,907	$  1,035,078
	Interest and other	24,083	18,637
		1,033,990	1,053,715
Expenses
	Interest	119,442	57,113
	Depreciation and amortization	256,342	269,156
	Operating expenses	1,043,481	734,528
		1,419,265	1,060,797
NET LOSS		$  (385,275)	$    (7,082)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (381,422)	$    (7,011)
Net loss allocated to other Partners		$    (3,853)	$       (71)

* Amounts include $381,422 and $7,011 for 2017 and 2016, 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.

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

Series 49

		2017	2016
Revenues
	Rental	$  2,391,069	$  2,358,139
	Interest and other	61,994	93,092
		2,453,063	2,451,231
Expenses
	Interest	400,116	356,245
	Depreciation and amortization	713,294	833,669
	Operating expenses	1,662,055	1,533,794
		2,775,465	2,723,708
NET LOSS		$  (322,402)	$  (272,477)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (319,178)	$  (269,752)
Net loss allocated to other Partners		$    (3,224)	$    (2,725)

* Amounts include $242,556 and $123,662 for 2017 and 2016, 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

TAXABLE LOSS

3 Months Ended

Jun. 30, 2017

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended June 30, 2017 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.

XML

INCOME TAXES

3 Months Ended

Jun. 30, 2017

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 2013 remain open.

XML

SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

XML

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Depreciation, Depletion, and Amortization [Policy Text Block]

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$        -	$        -
Series 48	-	-
Series 49	-	30,145
	$        -	$   30,145

XML

ORGANIZATION (Tables)

3 Months Ended

Jun. 30, 2017

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, 2017:

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

XML

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2017

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, 2017 and 2016 are as follows:

	2017	2016
Series 47	$        -	$        -
Series 48	-	-
Series 49	-	30,145
	$        -	$   30,145

XML

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2017

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

The fund management fee accrued for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$ 87,686	$ 90,820
Series 48	50,196	53,329
Series 49	127,776	127,776
Total	$265,658	$271,925

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the quarters ended June 30, 2017 and 2016 are as follows:

	2017	2016
Series 47	$      -	$      -
Series 48	-	-
Series 49	-	-
Total	$      -	$      -

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

3 Months Ended

Jun. 30, 2017

Investments In Operating Partnerships [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

At June 30, 2017 and 2016, the Fund had limited partnership interests in 48 Operating Partnerships, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2017 and 2016 is as follows:

	2017	2016
Series 47	14	14
Series 48	10	10
Series 49	24	24
Total	48	48

Schedule Of Number Of Operating Partnerships Disposed [Table Text Block]

A summary of the dispositions by Series for June 30, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 47	-	1	$	-	$	-
Series 48	-	1		-		-
Series 49	-	-		-		-
Total	-	2	$	-	$	-

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, 2017.

Total

		2017	2016
Revenues
	Rental	$  5,467,464	$  5,465,451
	Interest and other	130,242	162,295
		5,597,706	5,627,746
Expenses
	Interest	822,484	657,909
	Depreciation and amortization	1,418,584	1,596,191
	Operating expenses	4,189,919	3,697,028
		6,430,987	5,951,128
NET LOSS		$  (833,281)	$  (323,382)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (824,948)	$  (320,148)
Net loss allocated to other Partners		$    (8,333)	$    (3,234)

* Amounts include $748,326 and $174,058 for 2017 and 2016, 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

		2017	2016
Revenues
	Rental	$  2,066,488	$  2,072,234
	Interest and other	44,165	50,566
		2,110,653	2,122,800
Expenses
	Interest	302,926	244,551
	Depreciation and amortization	448,948	493,366
	Operating expenses	1,484,383	1,428,706
		2,236,257	2,166,623
NET LOSS		$  (125,604)	$   (43,823)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (124,348)	$   (43,385)
Net loss allocated to other Partners		$    (1,256)	$      (438)

* Amounts include $124,348 and $43,385 for 2017 and 2016, 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

		2017	2016
Revenues
	Rental	$  1,009,907	$  1,035,078
	Interest and other	24,083	18,637
		1,033,990	1,053,715
Expenses
	Interest	119,442	57,113
	Depreciation and amortization	256,342	269,156
	Operating expenses	1,043,481	734,528
		1,419,265	1,060,797
NET LOSS		$  (385,275)	$    (7,082)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (381,422)	$    (7,011)
Net loss allocated to other Partners		$    (3,853)	$       (71)

* Amounts include $381,422 and $7,011 for 2017 and 2016, 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

		2017	2016
Revenues
	Rental	$  2,391,069	$  2,358,139
	Interest and other	61,994	93,092
		2,453,063	2,451,231
Expenses
	Interest	400,116	356,245
	Depreciation and amortization	713,294	833,669
	Operating expenses	1,662,055	1,533,794
		2,775,465	2,723,708
NET LOSS		$  (322,402)	$  (272,477)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (319,178)	$  (269,752)
Net loss allocated to other Partners		$    (3,224)	$    (2,725)

* Amounts include $242,556 and $123,662 for 2017 and 2016, 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

ORGANIZATION (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Capital Unit [Line Items]
BACs Sold	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series 47 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 30, 2004
BACs Sold	3,478,334	3,478,334
Equity Raised	$ 34,783,340
Series 48 [Member]
Capital Unit [Line Items]
Closing Date	Aug. 12, 2004
BACs Sold	2,299,372	2,299,372
Equity Raised	$ 22,993,720
Series 49 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 29, 2005
BACs Sold	6,000,000	6,000,000
Equity Raised	$ 60,000,000

XML

ORGANIZATION (Details Textual) - USD ($)	1 Months Ended
	Aug. 31, 2004	Jun. 30, 2017	Mar. 31, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
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
Units of limited partnership interest, issued		11,777,706	11,777,706
Limited Partners' Contributed Capital		$ 117,777,060

XML

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	$ 0	$ 30,145
Series 47 [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	0	0
Series 48 [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	0	0
Series 49 [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	$ 0	$ 30,145

XML

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2016
Accounting policies [Line Items]
Amortization Period Of Acquisition Costs	27 years 6 months
Series Forty Nine [Member]
Accounting policies [Line Items]
Amortization Of Acquisition Cost Remaining Contractual Term		1 year

XML

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 265,658	$ 271,925
Series 47 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	87,686	90,820
Series 48 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	50,196	53,329
Series 49 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 127,776	$ 127,776

XML

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0
Series 47 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0
Series 48 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0
Series 49 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0

XML

RELATED PARTY TRANSACTIONS (Details Textual)	3 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number	Jun. 30, 2017	Jun. 30, 2016
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	48	48
Series Forty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	14	14
Series Forty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	10
Series Forty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	24	24

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1)	3 Months Ended
	Jun. 30, 2017 USD ($) Number	Jun. 30, 2016 USD ($) Number
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred	0	0
Sale Of Underlying Operating Partnership	0	2
Partnership Proceeds from Disposition | $	$ 0	$ 0
Series Forty Seven [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred	0	0
Sale Of Underlying Operating Partnership	0	1
Partnership Proceeds from Disposition | $	$ 0	$ 0
Series Forty Eight [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred	0	0
Sale Of Underlying Operating Partnership	0	1
Partnership Proceeds from Disposition | $	$ 0	$ 0
Series Forty Nine [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred	0	0
Sale Of Underlying Operating Partnership	0	0
Partnership Proceeds from Disposition | $	$ 0	$ 0

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) - USD ($)		3 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental		$ 5,467,464	$ 5,465,451
Interest and other		130,242	162,295
Operating Partnerships Revenues		5,597,706	5,627,746
Expenses
Interest		822,484	657,909
Depreciation and amortization		1,418,584	1,596,191
Operating expenses		4,189,919	3,697,028
Operating Partnerships Total Expenses		6,430,987	5,951,128
NET LOSS		(833,281)	(323,382)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[1]	(824,948)	(320,148)
Net loss allocated to other Partners		(8,333)	(3,234)
Series Forty Seven [Member]
Revenues
Rental		2,066,488	2,072,234
Interest and other		44,165	50,566
Operating Partnerships Revenues		2,110,653	2,122,800
Expenses
Interest		302,926	244,551
Depreciation and amortization		448,948	493,366
Operating expenses		1,484,383	1,428,706
Operating Partnerships Total Expenses		2,236,257	2,166,623
NET LOSS		(125,604)	(43,823)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[2]	(124,348)	(43,385)
Net loss allocated to other Partners		(1,256)	(438)
Series Forty Eight [Member]
Revenues
Rental		1,009,907	1,035,078
Interest and other		24,083	18,637
Operating Partnerships Revenues		1,033,990	1,053,715
Expenses
Interest		119,442	57,113
Depreciation and amortization		256,342	269,156
Operating expenses		1,043,481	734,528
Operating Partnerships Total Expenses		1,419,265	1,060,797
NET LOSS		(385,275)	(7,082)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[3]	(381,422)	(7,011)
Net loss allocated to other Partners		(3,853)	(71)
Series Forty Nine [Member]
Revenues
Rental		2,391,069	2,358,139
Interest and other		61,994	93,092
Operating Partnerships Revenues		2,453,063	2,451,231
Expenses
Interest		400,116	356,245
Depreciation and amortization		713,294	833,669
Operating expenses		1,662,055	1,533,794
Operating Partnerships Total Expenses		2,775,465	2,723,708
NET LOSS		(322,402)	(272,477)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[4]	(319,178)	(269,752)
Net loss allocated to other Partners		$ (3,224)	$ (2,725)

[1] Amounts include $748,326 and $174,058 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

[2] Amounts include $124,348 and $43,385 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

[3] Amounts include $381,422 and $7,011 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

[4] Amounts include $242,556 and $123,662 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting.

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 748,326	$ 174,058
Series Forty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	124,348	43,385
Series Forty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	381,422	7,011
Series Forty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 242,556	$ 123,662