SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K

/X/ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 

For the year ended December 31, 1998

/ / Transition report pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934 

For the transition period from _______________ to ______________

Commission file number 0-17658

                 Fidelity Leasing Income Fund V, L.P.
_________________________________________________________________
        (Exact name of registrant as specified in its charter)   

        Delaware                            23-2496362           
_________________________________________________________________
(State of Organization)      (I.R.S. Employer Identification No.)

    3 North Columbus Blvd., Philadelphia, Pennsylvania 19106     
_________________________________________________________________
     (Address of principal executive offices)        (Zip Code)  

                            (215) 574-1636                       
_________________________________________________________________
         (Registrant's telephone number, including area code)    

Securities registered pursuant to Section 12 (b) of the Act:

                                            Name of Each Exchange
         Title of Each Class                 on Which Registered 

               None                             Not applicable   

Securities registered pursuant to Section 12 (g) of the Act:     

                    Limited Partnership Interests                

                             Title of Class                      

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.             Yes  X   No_____

The number of outstanding limited partnership units of the Registrant at 
December 31, 1998 is 76,137.

There is no public market for these securities.

The index of Exhibits is located on page 10.


                                        1
                                      PART I

Item 1.  BUSINESS

     Fidelity Leasing Income Fund V, L.P. (the "Fund"), a Delaware limited
partnership, was organized in 1988 and acquires equipment, including 
printers, tape and disk storage devices, data communications equipment,
computer terminals, technical workstations, networking equipment as well as
other electronic equipment, which is leased to third parties on a short-term
basis.  The Fund's principal objective is to generate leasing revenues for 
distribution.  The Fund manages the equipment, releasing or disposing of 
equipment as it comes off lease in order to achieve its principal objective
The Fund does not borrow funds to purchase equipment.

     The Fund generally acquires equipment subject to a lease.  Purchases of
equipment for lease are typically made through equipment leasing brokers,
under a sale-leaseback arrangement directly from lessees owning equipment,
from the manufacturer either pursuant to a purchase agreement relating to
significant quantities of equipment or on an ad hoc basis to meet the needs
of a particular lessee.

     The equipment leasing industry is highly competitive.  The Fund competes
with leasing companies, equipment manufacturers and distributors, and entities
similar to the Fund (including similar programs sponsored by the General
Partner), some of which have greater financial resources than the Fund. Other
leasing companies and equipment manufacturers and distributors may be in a 
position to offer equipment to prospective lessees on financial terms which
are more favorable than those which the Fund can offer.  They may also be in
a position to offer trade-in-privileges, maintenance contracts and other 
services which the Fund may not be able to offer.  Equipment manufacturers
and distributors may offer to sell equipment on terms and conditions (such
as liberal financing terms and exchange privileges) which will afford benefits
to the purchaser similar to those obtained through leases.  As a result of the
advantages which certain of its competitors may have, the Fund may find it 
necessary to lease its equipment on a less favorable basis than certain of its
competitors.

     A brief description of the types of equipment in which the Fund has 
invested as of December 31, 1998, together with information concerning the 
users of such equipment is contained in Item 2, following.

     The Fund does not have any employees.  All persons who work on the Fund 
are employees of the General Partner.















                                         2

Item 2.  PROPERTIES
     The following schedules detail the type, aggregate purchase price and 
percentage of the various types of equipment leased by the Fund under the 
operating and direct financing methods as of December 31, 1998:
Operating Leases:
                                             Purchase Price     Percentage of
      Type of Equipment                       of Equipment     Total Equipment
      Communications Controllers              $  676,934             9.88%
      Disk Storage Systems                       615,029             8.97
      Network Communications                     529,197             7.72
      Printers                                   173,321             2.53
      Tape Storage Systems                       106,322             1.55
      Technical Workstations and Terminals     4,752,440            69.35
                                              __________           ______
      Totals                                  $6,853,243           100.00%
                                              ==========           ======
Direct Financing Leases:
                                             Purchase Price     Percentage of
      Type of Equipment                       of Equipment     Total Equipment
      Electron Microscopes                    $2,118,268            73.58%
      PCB Assembly Equipment                     445,785            15.48
      Technical Workstations and Terminals       314,979            10.94
                                              __________           ______
      Totals                                  $2,879,032           100.00%
                                              ==========           ======
     The following schedules detail the type of business, aggregate purchase 
price and percentage of equipment usage by industrial classification for equip-
ment leased by the Fund under the operating and direct financing methods as of
December 31, 1998:
Operating Leases:
                                             Purchase Price     Percentage of
      Type of Business                        of Equipment     Total Equipment
      Broadcasting/Entertainment              $  393,515             5.74%
      Computers/Data Processing                1,254,438            18.30
      Diversified Financial/Banking/Insurance    412,916             6.03
      Manufacturing/Refining                     362,653             5.29
      Publishing/Printing                         81,984             1.20
      Retailing/Consumer Goods                   730,937            10.67
      Telephone/Telecommunications             3,616,800            52.77
                                              __________           ______
      Totals                                  $6,853,243           100.00%
                                              ==========           ======
Direct Financing Leases:
                                             Purchase Price     Percentage of
      Type of Business                        of Equipment     Total Equipment
      Manufacturing/Refining                  $2,118,268            73.58%
      Retailing/Consumer Goods                   445,785            15.48
      Telephone/Telecommunications               314,979            10.94
                                              __________           ______
      Totals                                  $2,879,032           100.00%
                                              ==========           ======
Average Initial Term of Leases (in months): 26


                                           3

Item 3.  LEGAL PROCEEDINGS

     Not applicable.


Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     Not applicable.


















































                                              4

                                          PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY
         HOLDER MATTERS

     (a)  The Fund's limited partnership units are not publicly traded.  There
     is no market for the Fund's limited partnership units and it is unlikely
     that any will develop.
     (b)  Number of Equity Security Holders:
                                                 Number of Partners
               Title of Class                  as of December 31, 1998
               Limited Partnership Interests          2,573
               General Partnership Interest               1
<TABLE>
Item 6.  SELECTED FINANCIAL DATA
         <CAPTION>
                                       For the Years Ended December 31,              
                            1998         1997         1996         1995         1994   
<S>                     <C>          <C>          <C>         <C>           <C>        
Total Income             $3,640,530   $3,442,545   $4,269,938   $6,821,697   $9,380,728
Net Income                  232,105      634,505      878,737    1,884,603    1,532,102
Distributions to Partners   550,000      600,000      960,000    6,760,990    5,530,243
Net Income per Equivalent
 Limited Partnership Unit      9.05        25.07        33.97        63.35        37.01
Weighted Average
 Number of Equivalent
 Limited Partnership
 Units Outstanding
 During the Year             25,065       25,054       25,610       29,077       39,545
</TABLE>
<TABLE>
                                                  December 31,                       
                            1998         1997         1996         1995         1994  
<S>                     <C>         <C>          <C>          <C>          <C>        
Total Assets            $ 7,047,755  $ 7,455,365  $ 7,569,806  $ 8,096,622  $12,968,181
Equipment under 
 Operating Leases 
 and Equipment Held for 
 Sale or Lease (Net)      2,354,710    3,423,510    3,909,025    4,249,271    6,568,961
Net Investment in
 Direct Financing
 Leases                   2,489,583         -         209,459      280,779      782,651
Limited Partnership
 Units                       76,137       76,137       76,137       78,970       79,679
Limited Partners              2,573        2,570        2,558        2,604        2,628
</TABLE>











                                              5

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS

Results of Operations

     The Fund had revenues of $3,640,530, $3,442,545 and $4,269,938 for the 
years ended December 31, 1998, 1997 and 1996, respectively.  Rental income 
from the leasing of equipment accounted for 90%, 94% and 86% of total income
in 1998, 1997 and 1996, respectively.  The increase in total revenues in 
1998 is primarily attributable to an increase in earned income on direct 
financing leases.  During 1998, the Fund invested in $2,731,393 of direct 
financing leases resulting in an increase in the earned income recognized on
direct financing leases.  There were no investments made in direct financing
leases during 1997 and 1996.  The increase in rental income in 1998 and the
decrease in rental income in 1997 also accounts for the change in total 
revenues during these years.  In 1998, rental income increased by approxi-
mately $1,156,000 due to equipment which was purchased and put on lease, as 
well as, rental income realized on 1997 equipment purchases for which a full 
year of rent was earned in 1998 and only a partial year was earned in 1997.  
Additionally, the Fund entered into a transaction in which it collected the 
remaining rents owed on certain leases and recognized $315,000 of rental 
income.  This increase in rents, however, was reduced by $1,410,000 because 
of equipment that came off lease and was released at lower rental rates or 
sold.  In 1997, rental income decreased by approximately $1,647,000 due to 
lease terminations or sales of equipment.  This decrease, however, was 
mitigated by an increase of approximately $1,209,000 of rental income gene-
rated from equipment purchased in 1997, as well as, rental income realized 
on 1996 equipment purchases for which a full year of rent was earned in 
1997 and only a partial year was earned in 1996.  Furthermore, the Fund 
recognized $53,323 of net gain on sale of equipment in 1998 compared to $-0- 
in 1997 and $403,111 in 1996.  The fluctuation in this account contributed to 
the increase in total revenues in 1998 and the decrease in total revenues in 
1997.  In 1998, the decrease in interest income resulting from lower cash 
balances available for investment by the Fund, reduced the overall increase 
in revenues. In 1997, however, interest income increased due to higher 
interest rates earned on invested cash by the Fund which mitigated the over-
all decrease in total revenues from 1996.

     Expenses were $3,408,425, $2,808,040 and $3,391,201 for the years ended
December 31, 1998, 1997 and 1996, respectively.  Depreciation expense 
comprised 76%, 75% and 71% of total expenses in 1998, 1997 and 1996, 
respectively.  The increase in total expenses in 1998 was primarily related 
to an increase in depreciation expense resulting from equipment purchases 
made during the year, as well as, depreciation recorded on equipment purchased
in 1997 for which a full year of depreciation expense was taken in 1998 and 
only a partial year was taken in 1997.  The decrease in expenses during 1997 
was partially caused by the decrease in depreciation expense because of equip-
ment which came off lease and was terminated or sold.  The fluctuation in 
write-down of equipment to net realizable value also affected the change in 
total expenses in 1998 and 1997.  The Fund recorded approximately $247,000, 
$62,000 and $382,000 of write-down of equipment to net realizable value 
during 1998, 1997 and 1996, respectively.  Currently, the Fund's practice 
is to review the recoverability of its undepreciated costs of rental equipment
quarterly.  The Fund's policy, as part of this review, is to analyze such 
factors as releasing of equipment, technological developments and information
provided in third party publications.  In accordance with Generally Accepted 
Accounting Principles, the Fund writes down its rental equipment to its 

                                         6

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS (Continued)

Results of Operations (Continued)

estimated net realizable value when the amounts are reasonably estimated and 
only recognizes gains upon actual sale of its rental equipment.  Any future 
losses are dependent upon unanticipated technological developments affecting 
the types of equipment in the portfolio in subsequent years.  The Fund had 
no net loss on sale of equipment during 1998 and 1996.  However, the Fund 
incurred $178,961 of net loss on sale of equipment during the year ended 
December 31, 1997.  The variation in this account lowered the overall 
increase in expenses in 1998 and contributed to the decrease in expenses 
in 1997.

     The Fund's net income was $232,105, $634,505 and $878,737 for the years 
ended December 31, 1998, 1997 and 1996, respectively.  The earnings per equi-
valent limited partnership unit, after earnings allocated to the General 
Partner, were $9.05, $25.07 and $33.97 for the years ended December 31, 1998,
1997 and 1996, respectively.  The weighted average number of equivalent 
limited partnership units outstanding were 25,065, 25,054 and 25,610 for 1998,
1997 and 1996, respectively.

     The Fund generated cash from operations of $3,019,439, $2,981,370 and 
$3,275,285 for the purpose of determining cash available for distribution and
declared distributions of $525,000, $600,000 and $870,000 to partners for the
years ended December 31, 1998, 1997 and 1996, respectively.  For financial
statement purposes, the Fund records cash distributions to partners on a 
cash basis in the period in which they are paid.  During the fourth quarter 
of 1996, the General Partner revised its policy regarding cash distributions 
so that the distributions more accurately reflect the net income of the Fund 
over the most recent twelve months.

Analysis of Financial Condition

     The Fund continues to purchase equipment for lease with cash available 
from operations and sales proceeds which are not distributed to partners.  
During the years ended December 31, 1998, 1997 and 1996, the Fund purchased 
$2,335,867, $2,143,926 and $3,075,481, respectively, of equipment subject to 
operating leases.  Additionally, the Fund invested in $2,731,393 of direct 
financing leases during the year ended December 31, 1998.

     The cash position of the Fund is reviewed daily and cash is invested on a
short-term basis.

     The Fund's cash from operations is expected to continue to be adequate to
cover all operating expenses and contingencies during the next fiscal year.

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

     The response to this Item is submitted as a separate section of the 
report commencing on page F-1.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
         FINANCIAL DISCLOSURE

     Not applicable.

                                           7
                                      PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     F.L. Partnership Management, Inc. (FLPMI) is a wholly owned subsidiary of
Resource Leasing, Inc., a wholly owned subsidiary of Resource America, Inc. 
(Resource America).  The Directors and Executive Officers of FLPMI are:

     FREDDIE M. KOTEK, age 43, Chairman of the Board of Directors, President,
     and Chief Executive Officer of FLPMI since September 1995 and Senior Vice
     President of Resource America since 1995.  President of Resource Leasing,
     Inc. since September 1995.  Executive Vice President of Resource 
     Properties, Inc. (a wholly owned subsidiary of Resource America) since 
     1993.

     MICHAEL L. STAINES, age 49, Director and Secretary of FLPMI since 
     September 1995.  Director of Resource America since 1994 and Senior Vice 
     President of Resource America since 1989.

     SCOTT F. SCHAEFFER, age 36, Director of FLPMI since September 1995.  Vice
     Chairman of the Board of Resource America since 1998 and Executive Vice 
     President of Resource America since 1997.  Prior thereto, Senior Vice 
     President of Resource America since 1995.  Vice President-Real Estate of
     Resource America and President of Resource Properties, Inc. (a wholly 
     owned subsidiary of Resource America) since 1992.

     Others:

     STEPHEN P. CASO, age 43, Vice President and General Counsel of FLPMI 
     since 1992.

     MARIANNE T. SCHUSTER, age 40, Vice President and Controller of FLPMI 
     since 1984.

     KRISTIN L. CHRISTMAN, age 31, Portfolio Manager of FLPMI since December 
     1995 and Equipment Brokerage Manager since 1993.






















                                         8

Item 11.  EXECUTIVE COMPENSATION

     The following table sets forth information relating to the aggregate 
compensation earned by the General Partner of the Fund during the year ended 
December 31, 1998:
               Name of Individual or      Capacities in
                  Number in Group         Which Served      Compensation
               F.L. Partnership
                Management, Inc.          General Partner     $219,659(1)
                                                               =======
                 (1)  This amount does not include the General Partner's share
                 of cash distributions made to all partners.
Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
     (a)  As of December 31, 1998, there was no person or group known to the
     Fund that owned more than 5% of the Fund's outstanding securities either
     beneficially or of record.
     (b)  In 1988, the General Partner contributed $1,000 to the capital of 
     the Fund but it does not own any of the Fund's outstanding securities.  
     No individual director or officer of F.L. Partnership Management, Inc. 
     nor such directors or officers as a group, owns more than one percent of
     the Fund's outstanding securities.  The General Partner owns a general 
     partnership interest which entitles it to receive 1% of cash distri-
     butions until the Limited Partners have received an amount equal to the 
     purchase price of their Units plus a 10% cumulative compounded priority 
     return; hereafter 10%.  The General Partner will also share in net income
     equal to the greater of its cash distributions or 1% of net income or to
     the extent there are losses, 1% of such losses.
     (c)  There are no arrangements known to the Fund that would, at any sub-
     sequent date, result in a change in control of the Fund.
Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
     During the year ended December 31, 1998, the Fund was charged $219,659 of
management fees by the General Partner.  The General Partner will continue to
receive 6% or 3% of rental payments on equipment under operating leases or 
full pay-out leases, respectively, for administrative and management services 
performed on behalf of the Fund.  Full pay-out leases are noncancellable leases
 with initial lease terms in excess of 42 months for which rental payments 
during the initial term are at least sufficient to recover the purchase price
of the equipment, including acquisition fees.  A majority of the direct finan-
cing leases in which the Fund has invested meet the criteria for a full pay-
out lease and pay a 3% management fee to the General Partner.  This manage-
ment fee is paid quarterly only if and when the Limited Partners have received
distributions for the period from January 1, 1989 through the end of the most 
recent quarter equal to a return for such period at a rate of 12% per year on
the aggregate amount paid for their units.
     The General Partner also receives 1% of cash distributions until the 
Limited Partners have received an amount equal to the purchase price of their
Units plus a 10% cumulative compounded priority return.  Thereafter, the 
General Partner will receive 10% of cash distributions.  During the year 
ended December 31, 1998, the General Partner received $5,500 of cash distri-
butions.
     The Fund incurred $206,109 of reimbursable costs to the General Partner 
and its parent company for services and materials provided in connection with 
the administration of the Fund during 1998.
                                        9
                                     PART IV

Item 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

     (a)  (1) and (2).  The response to this portion of Item 14 is submitted 
     as a separate section of this report commencing on page F-1.

     (a)  (3) and (c) Exhibits (numbered in accordance with Item 601 of 
     Regulation S-K)

                Exhibit Numbers             Description            Page Number

                   3(a) & (4)      Amended and Restated Agreement       *
                                       of Limited Partnership

                       (9)                 not applicable

                       (10)                not applicable

                       (11)                not applicable

                       (12)                not applicable

                       (13)                not applicable

                       (18)                not applicable

                       (19)                not applicable

                       (22)                not applicable

                       (23)                not applicable

                       (24)                not applicable

                       (25)                not applicable

                       (27)            Financial Data Schedule

                       (28)                not applicable


*  Incorporated by reference.


















                                        10

                                    SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

                  FIDELITY LEASING INCOME FUND V, L.P.
                  A Delaware limited partnership

                  By:  F.L. PARTNERSHIP MANAGEMENT, INC.

                       Freddie M. Kotek
                  By:  ___________________________
                       Freddie M. Kotek, Chairman and President

Dated March 27, 1999

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


          Signature                     Title                             Date



Freddie M. Kotek
____________________________  Chairman of the Board of Directors
Freddie M. Kotek               and President of F.L. Partnership         3-27-99
                               Management, Inc.
                               (Principal Executive Officer)



Michael L. Staines
____________________________  Director of F.L. Partnership
Michael L. Staines             Management, Inc.                          3-27-99



Marianne T. Schuster
____________________________  Vice President and Controller
Marianne T. Schuster           of F.L. Partnership Management, Inc.      3-27-99
                               (Principal Financial Officer)















                                        11

                   INDEX TO FINANCIAL STATEMENTS AND SCHEDULES



                                                                      Pages

          Report of Independent Certified Public Accountants           F-2

          Balance Sheets as of December 31, 1998 and 1997              F-3

          Statements of Operations for the years ended
           December 31, 1998, 1997 and 1996                            F-4

          Statements of Partners' Capital for the years ended
           December 31, 1998, 1997 and 1996                            F-5

          Statements of Cash Flows for the years ended
           December 31, 1998, 1997 and 1996                            F-6

          Notes to Financial Statements                             F-7 - F-12



























All schedules have been omitted because the required information is not
applicable or is included in the Financial Statements or Notes thereto.









                                          F-1

Report of Independent Certified Public Accountants


The Partners
Fidelity Leasing Income Fund V, L.P.


     We have audited the accompanying balance sheets of Fidelity Leasing 
Income Fund V, L.P. as of December 31, 1998 and 1997, and the related state-
ments of operations, partners' capital and cash flows for each of the three 
years in the period ending December 31, 1998.  These financial statements are 
the responsibility of the Fund's management.  Our responsibility is to express
an opinion on these financial statements based on our audits.

     We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are free 
of material misstatement.  An audit includes examining, on a test basis, 
evidence supporting the amounts and disclosures in the financial statements.  
An audit also includes assessing the accounting principles used and signi-
ficant estimates made by management, as well as evaluating the overall 
financial statement presentation.  We believe that our audits provide a 
reasonable basis for our opinion.

     In our opinion, the financial statements referred to above present 
fairly, in all material respects, the financial position of Fidelity Leasing
Income Fund V, L.P. as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 1998 in conformity with generally accepted accounting principles.




Grant Thornton LLP
Philadelphia, Pennsylvania
February 12, 1999






















                                        F-2

                       FIDELITY LEASING INCOME FUND V, L.P.

                                      BALANCE SHEETS

<TABLE>
                                         ASSETS
                                     <CAPTION>
                                                                    December 31,       

                                                               1998             1997   
<S>                                                         <C>             <C>        
     Cash and cash equivalents                              $1,822,926       $3,679,630

     Accounts receivable                                       232,606          193,525

     Due from related parties                                  147,930          158,700

     Equipment under operating leases (net of 
      accumulated depreciation of $4,559,234 
      and $7,078,588, respectively)                          2,294,009        3,423,328

     Net investment in direct financing leases               2,489,583             -   

     Equipment held for sale or lease                           60,701              182
                                                            __________       __________

             Total assets                                   $7,047,755       $7,455,365
                                                            ==========       ==========


LIABILITIES AND PARTNERS' CAPITAL
     Liabilities:

           Lease rents paid in advance                      $  155,878       $  253,242

           Accounts payable and accrued expenses                84,219          109,888

           Due to related parties                               61,485           28,167
                                                            __________       __________

             Total liabilities                                 301,582          391,297

     Partners' capital                                       6,746,173        7,064,068
                                                            __________       __________

              Total liabilities and partners' capital       $7,047,755       $7,455,365
                                                            ==========       ==========
</TABLE>







The accompanying notes are an integral part of these financial statements.







                                        F-3

                       FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                 STATEMENTS OF OPERATIONS
                            <CAPTION>



                                                    For the years ended December 31,     

                                                  1998            1997           1996    
   Income:
   <S>                                          <C>             <C>            <C>      
     Rentals                                   $3,290,957      $3,230,211     $3,667,788
     Earned income on direct financing 
      leases                                      184,283          15,927         21,999
     Interest                                      97,204         182,934        112,518
     Gain on sale of equipment, net                53,323            -           403,111
     Other                                         14,763          13,473         64,522
                                               __________      __________     __________

                                                3,640,530       3,442,545      4,269,938
                                               __________      __________     __________

   Expenses:
     Depreciation                               2,593,989       2,106,041      2,417,385
     Write-down of equipment to net
      realizable value                            246,668          61,863        382,274
     General and administrative	                   142,000          88,166        156,468
     General and administrative to 
      related party                               206,109         172,435        211,769
     Management fee to related party              219,659         200,574        223,305
     Loss on sale of equipment, net                  -            178,961           -   
                                               __________      __________     __________

                                                3,408,425       2,808,040      3,391,201
                                               __________      __________     __________


   Net income                                  $  232,105      $  634,505     $  878,737
                                               ==========      ==========     ==========

   Net income per equivalent limited 
    partnership unit                           $     9.05      $    25.07     $    33.97
                                               ==========      ==========     ==========


   Weighted average number of equivalent 
    limited partnership units outstanding 
    during the year                                25,065          25,054         25,610
                                               ==========      ==========     ==========
</TABLE>






The accompanying notes are an integral part of these financial statements.





                                        F-4

                             FIDELITY LEASING INCOME FUND V, L.P.

<TABLE>
                                   STATEMENTS OF PARTNERS' CAPITAL
                                <CAPTION>
                         For the years ended December 31, 1998, 1997 and 1996


                                       General        Limited Partners               
                                       Partner       Units       Amount           Total   
                                       _______       ___________________          _____   

<S>                                     <C>          <C>         <C>           <C>        
Balance, January 1, 1996                $3,321       78,970   $7,374,764      $7,378,085 

Redemptions                                 -        (2,833)    (267,259)       (267,259)

Cash distributions                      (9,600)        -        (950,400)       (960,000)

Net income                               8,700         -         870,037         878,737
                                        ______       ______   __________      __________

Balance, December 31, 1996               2,421       76,137    7,027,142       7,029,563

Cash distributions                      (6,000)        -        (594,000)       (600,000)

Net income                               6,345         -         628,160         634,505
                                        ______       ______   __________      __________

Balance, December 31, 1997               2,766       76,137    7,061,302       7,064,068

Cash distributions                      (5,500)        -        (544,500)       (550,000)

Net income                               5,250         -         226,855         232,105
                                        ______       ______   __________      __________

Balance, December 31, 1998              $2,516       76,137   $6,743,657      $6,746,173
                                        ======       ======   ==========      ==========
</TABLE>
















The accompanying notes are an integral part of these financial statements.






                                             F-5

                            FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                      STATEMENTS OF CASH FLOWS
                                  <CAPTION>
                                                      For the years ended December 31,     
                                                     1998           1997          1996    
Cash flows from operating activities:
<S>                                                <C>           <C>           <C>        
  Net income                                       $  232,105    $  634,505    $  878,737 
                                                   __________    __________    __________ 
  Adjustments to reconcile net income to net
   cash provided by operating activities:
  Depreciation                                      2,593,989     2,106,041     2,417,385 
  Write-down of equipment to net 
   realizable value                                   246,668        61,863       382,274 
  (Gain) loss on sale of equipment, net               (53,323)      178,961      (403,111)
  (Increase) decrease in accounts receivable          (39,081)        9,762        60,568 
  (Increase) decrease in due from related 
   parties                                             10,770      (145,073)      210,416 
  Increase (decrease) in lease rents paid 
   in advance                                         (97,364)     (151,100)      (60,388)
  Increase (decrease) in accounts payable
   and accrued expenses                               (25,669)       30,472      (145,345)
  Increase (decrease) in other, net                    33,318       (28,318)       37,805 
                                                   __________    __________    __________ 
   Total adjustments                                2,669,308     2,062,608     2,499,604 
                                                   __________    __________    __________ 
  Net cash provided by operating activities         2,901,413     2,697,113     3,378,341 
                                                   __________    __________    __________ 
Cash flows from investing activities:
  Acquisition of equipment                         (2,335,867)   (2,143,926)   (3,075,481)
  Investment in direct financing leases            (2,731,393)         -             -    
  Proceeds from direct financing leases,
   net of earned income                               556,790       209,459        71,320
  Proceeds from sale of equipment                     302,353       282,576     1,019,179 
                                                   __________    __________    __________ 
  Net cash used in investing activities            (4,208,117)   (1,651,891)   (1,984,982)
                                                   __________    __________    __________ 

Cash flows from financing activities:
  Distributions                                      (550,000)     (600,000)     (960,000)
  Redemptions of capital                                 -             -         (267,259)
                                                   __________    __________    __________ 
  Net cash used in financing activities              (550,000)     (600,000)   (1,227,259)
                                                   __________    __________    __________ 
  Increase (decrease) in cash and cash 
   equivalents                                     (1,856,704)      445,222       166,100

  Cash and cash equivalents, beginning of year      3,679,630     3,234,408     3,068,308 
                                                   __________    __________    __________ 

  Cash and cash equivalents, end of year           $1,822,926    $3,679,630    $3,234,408 
                                                   ==========    ==========    ========== 
</TABLE>

The accompanying notes are an integral part of these financial statements.




                                           F-6

                          FIDELITY LEASING INCOME FUND V, L.P.

                            NOTES TO FINANCIAL STATEMENTS

1.  ORGANIZATION AND NATURE OF BUSINESS

     Fidelity Leasing Income Fund V, L.P. (the "Fund") was formed in January 
1988.  The General Partner of the Fund is F.L. Partnership Management, Inc. 
("FLPMI") which is a wholly owned subsidiary of Resource Leasing, Inc., a 
wholly owned subsidiary of Resource America, Inc.  The Fund is managed by the 
General Partner.  The Fund's limited partnership interests are not publicly 
traded.  There is no market for the Fund's limited partnership interests and 
it is unlikely that any will develop.  The Fund acquires equipment including 
printers, tape and disk storage devices, data communications equipment, 
computer terminals, technical workstations, networking equipment as well as 
other electronic equipment which is leased to third parties throughout the 
United States on a short-term basis.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Concentration of Credit Risk

     Financial instruments which potentially subject the Fund to concentrations
of credit risk consist principally of temporary cash investments.  The Fund 
places its temporary investments in bank repurchase agreements and jumbo 
savings accounts.

     Concentrations of credit risk with respect to accounts receivables are 
limited due to the dispersion of the Fund's lessees over different industries 
and geographies.

Impairment of Long-Lived Assets

     The Fund reviews its assets to determine if it has any long-lived assets 
that are carried on the books for an amount that may not be recoverable.  If 
it is determined that an asset's estimated future cash flows will not be suf-
ficient to recover its carrying amount, an impairment charge will be recorded.

Equipment Held for Sale or Lease

     Equipment held for sale or lease is carried at its estimated net realiz-
able value.

Use of Estimates

     In preparing financial statements in conformity with Generally Accepted 
Accounting Principles, management is required to make estimates and assump-
tions that affect the reported amounts of assets and liabilities and the dis-
closure of contingent assets and liabilities at the date of the financial 
statements and revenues and expenses during the reporting period.  Actual 
results could differ from those estimates.

Accounting for Leases

     The Fund's leasing operations consist of both operating and direct 
financing leases.  Under the operating method of accounting for leases, the 
cost of the leased equipment is recorded as an asset and depreciated on a 
straight-line basis over its estimated useful life, up to six years.  

                                           F-7

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Accounting for Leases (Continued)

Acquisition fees associated with lease placements are allocated to equipment 
when purchased and depreciated as part of equipment cost.  Rental income 
consists primarily of monthly periodic rentals due under the terms of the 
leases.  Generally, during the remaining terms of existing operating leases, 
the Fund will not recover all of the undepreciated cost and related expenses 
of its rental equipment and is prepared to remarket the equipment in future 
years.  Upon sale or other disposition of assets, the cost and related accum-
ulated depreciation are removed from the accounts and the resulting gain or 
loss, if any, is reflected in income.

     The Fund has direct financing leases, as well.  Under the direct finan-
cing method, income (the excess of the aggregate future rentals and estimated 
unguaranteed residuals upon expiration of the lease over the related equipment 
cost) is recognized over the life of the lease using the interest method.

Income Taxes

     Federal and State income tax regulations provide that taxes on the income
or benefits from losses of the Fund are reportable by the partners in their 
individual income tax returns.  Accordingly, no provision for such taxes has
been made in the accompanying financial statements.

Statements of Cash Flows

     For purposes of the statements of cash flows, the Fund considers all 
highly liquid debt instruments purchased with a maturity of three months or 
less to be cash equivalents.

Net Income per Equivalent Limited Partnership Unit

     Net income per equivalent limited partnership unit is computed by 
dividing net income allocated to limited partners by the weighted average 
number of equivalent limited partnership units outstanding during the year.  
The weighted average number of equivalent units outstanding during the year 
is computed based on the weighted average monthly limited partners' capital 
account balances, converted into equivalent units at $500 per unit.

Significant Fourth Quarter Adjustments

     Currently, the Fund's practice is to review the recoverability of its 
undepreciated costs of rental equipment quarterly.  The Fund's policy, as part
of this review, is to analyze such factors as releasing of equipment, techno-
logical developments and information provided in third party publications.  
Based upon this review, the Fund recorded an adjustment of approximately 
$31,742 and $96,000 or $1.27 and $3.75 per equivalent limited partnership 
unit to write down its rental equipment in the fourth quarter of 1998 and 
1996, respectively.  There was no significant fourth quarter adjustment made 
in 1997.

                                           F-8

                           FIDELITY LEASING INCOME FUND V, L.P.

                         NOTES TO FINANCIAL STATEMENTS (Continued)

3.  YEAR 2000 COMPLIANCE

     The "Year 2000 Issue" addresses the ability of computer programs to 
distinguish between the year 2000 and the year 1900.  Computer programs were
written using two digits rather than four digits for the year in a date field.
This could ultimately result in miscalculations or inaccuracies in processing 
data.

     The Fund is currently in the process of ensuring that all of its systems 
are Year 2000 compliant.  The Fund's operating system is year 2000 capable.  
Additionally, two of the three main software systems are Year 2000 compliant 
and in the testing phase.  The third software system is expected to be year 
2000 capable by July 1999.

     The costs incurred to make the software system Year 2000 compliant has 
not been material as of December 31, 1998.  It is not anticipated that any 
remaining costs incurred to complete this project will have a material affect 
on the net income of the Fund.  

     Furthermore, all significant outside suppliers have been contacted to 
ensure that their systems will be Year 2000 compliant.  All have indicated 
that their systems are in compliance or that Year 2000 Compliance programs 
will be completed in early 1999.  If the Fund determines that any of its 
significant external suppliers are not in compliance, the Fund will not be 
materially adversely affected and will seek the services of another supplier.

4.  ALLOCATION OF PARTNERSHIP INCOME, LOSS AND CASH DISTRIBUTIONS

     Cash distributions, if any, are made quarterly as follows: 99% to the 
Limited Partners and 1% to the General Partner, until the Limited Partners 
have received an amount equal to the purchase price of their Units, plus a 10%
compounded priority return (an amount equal to 10% compounded annually on the 
portion of the purchase price not previously distributed); thereafter, 90% to 
the Limited Partners and 10% to the General Partner.

     Net Losses are allocated 99% to the Limited Partners and 1% to the 
General Partner.  The General Partner is allocated Net Income equal to its 
cash distributions, but not less than 1% of Net Income, with the balance allo-
cated to the Limited Partners.

     Net Income (Losses) allocated to the Limited Partners are allocated to 
individual limited partners based on the ratio of the daily weighted average
partner's net capital account balance (after deducting related commission 
expense) to the total daily weighted average of the Limited Partners' net 
capital account balances.

5.  EQUIPMENT LEASED

     Equipment on lease consists of equipment under operating leases.  The 
lessees have agreements with the manufacturer of the equipment to provide 
maintenance for the leased equipment.  The Fund's operating leases are for 
initial lease terms of 9 to 36 months.


                                            F-9

                           FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

5.  EQUIPMENT LEASED (Continued)

     In accordance with Generally Accepted Accounting Principles, the Fund 
writes down its rental equipment to its estimated net realizable value when 
the amounts are reasonably estimated and only recognizes gains upon actual 
sale of its rental equipment.  As a result, in 1998, 1997 and 1996, approxi-
mately $247,000, $62,000 and $382,000, respectively was charged to write-down 
of equipment to net realizable value.  Any future losses are dependent upon 
technological developments affecting the equipment in subsequent years.

     Unguaranteed residuals for direct financing leases represent the 
estimated amounts recoverable at lease termination from lease extensions or 
disposition of the equipment.  The Fund reviews these residual values 
quarterly.  If the equipment's fair market value at lease expiration is below 
the estimated residual value, an adjustment is made.

     The net investment in direct financing leases as of December 31, 1998 is 
as follows:

              Minimum lease payments to be received            $2,812,000
              Unguaranteed residuals                              151,000
              Unearned rental income                             (432,000)
              Unearned residual income                            (41,000)
                                                               __________
                                                               $2,490,000
                                                               ==========

     The future approximate minimum rentals to be received on noncancellable
operating and direct financing leases as of December 31 are as follows:

                                                                  Direct
                                          Operating             Financing

                      1999               $1,411,000            $  959,000
                      2000                  457,000               627,000
                      2001                     -                  494,000
                      2002                     -                  488,000
                      2003                     -                  244,000
                                         __________            __________
                                         $1,868,000            $2,812,000
                                         ==========            ==========

6.  RELATED PARTY TRANSACTIONS

     The General Partner receives 6% or 3% of rental payments on equipment 
under operating leases and full pay-out leases, respectively, for admini-
strative and management services performed on behalf of the Fund.  Full 
pay-out leases are non-cancellable leases with terms in excess of 42 months 
and for which rental payments during the initial term are at least sufficient 
to recover the purchase price of the equipment, including acquisition fees.  
This management fee is paid quarterly only if and when the Limited Partners 
have received distributions for the period from January 1, 1989 through the 
end of the most recent quarter equal to a return for such period at a rate 
of 12% per year on the aggregate amount paid for their units.


                                           F-10

                           FIDELITY LEASING INCOME FUND V, L.P.

                         NOTES TO FINANCIAL STATEMENTS (Continued)

6.  RELATED PARTY TRANSACTIONS (Continued)

     The General Partner may also receive up to 3% of the proceeds from the 
sale of the Fund's equipment for services and activities to be performed in 
connection with the disposition of equipment.  The payment of this sales fee 
is deferred until the Limited Partners have received cash distributions equal 
to the purchase price of their units plus a 10% cumulative compounded 
priority return.  Based on current estimates, it is not expected that the Fund
will be required to pay the General Partner a sales fee.

     Additionally, the General Partner and its parent company are reimbursed 
by the Fund for certain costs of services and materials used by or for the 
Fund except those items covered by the above-mentioned fees.  Following is a 
summary of fees and costs charged by the General Partner or its parent 
company during the years ended December 31:

                                             1998        1997         1996  
             Management fee                $219,659    	$200,574     $223,305
             Reimbursable costs             206,109     172,435      211,769

     During 1998, the Fund maintained its checking and investment accounts in 
Jefferson Bank, a subsidiary of JeffBanks, Inc. in which the Chairman of 
Resource America, Inc. serves as a director.

     Amounts due from related parties at December 31, 1998 and 1997 represent 
monies due to the Fund from the General Partner and/or other affiliated 
funds for rentals and sales proceeds collected and not yet remitted to the 
Fund.

     Amounts due to related parties at December 31, 1998 and 1997 represent 
monies due to the General Partner for the fees and costs mentioned above, as 
well as, rentals and sales proceeds collected by the Fund on behalf of other 
affiliated funds.

7.  MAJOR CUSTOMERS

     For the year ended December 31, 1998, three customers accounted for 
approximately 34%, 17% and 10% of the Fund's rental income.  For the year 
ended December 31, 1997, one customer accounted for approximately 26% and 
two customers accounted for 14% each of the Fund's rental income.  For the 
year ended December 31, 1996, one customer generated approximately 11% of the 
Fund's rental income.












                                           F-11

                           FIDELITY LEASING INCOME FUND V, L.P.

                         NOTES TO FINANCIAL STATEMENTS (Continued)

8.  CASH DISTRIBUTIONS

     Below is a summary of the quarterly cash distributions paid to partners 
during the years ended December 31:
<TABLE>
             Month of Distribution               1998          1997          1996   
<CAPTION>
<S>                                           <C>            <C>          <C>       
                    February                  $150,000       $150,000       $240,000
                    May                        150,000        150,000        240,000
                    August                     125,000        150,000        240,000
                    November                   125,000        150,000        240,000
                                              ________       ________       ________

                                              $550,000       $600,000       $960,000
                                              ========       ========       ========
</TABLE>

     In addition, the General Partner declared and paid a cash distribution of
$125,000 in February 1999 for the three months ended December 31, 1998, to all
admitted partners as of December 31, 1998.


































                                           F-12

0