<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549


                                   FORM 10-Q


              Quarterly Report Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934

                   For the Quarterly Ended SEPTEMBER 30, 1996

                         Commission File Number 2-77645

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California Limited Partnership)

                 I.R.S. Employer Identification No. 95-3768810

                         9090 WILSHIRE BLVD., SUITE 201
                          BEVERLY HILLS, CALIF.  90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191



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 twelve 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
                                  ----      ----
<PAGE>   2
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                    FOR THE QUARTER ENDED SEPTEMBER 30, 1996


<TABLE>
<S>                                                                                                         <C>
PART I.  FINANCIAL INFORMATION

         Item 1.    Financial Statements

              Balance Sheets, September 30, 1996 and December 31, 1995    . . . . . . . . . . . . . . . . .  1

              Statements of Operations,
                    Nine and Three Months Ended September 30, 1996 and 1995   . . . . . . . . . . . . . . .  2

              Statement of Partners' Equity (Deficiency),
                    Nine Months Ended September 30, 1996    . . . . . . . . . . . . . . . . . . . . . . . .  3

              Statements of Cash Flows,
                    Nine Months Ended September 30, 1996 and 1995   . . . . . . . . . . . . . . . . . . . .  4

              Notes to Financial Statements   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5

         Item 2.  Management's Discussion and Analysis of Financial
                    Condition and Results of Operations   . . . . . . . . . . . . . . . . . . . . . . . . .  9


PART II.      OTHER INFORMATION

         Item 1.  Legal Proceedings         . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

         Item 6.  Exhibits and Reports on Form 8-K  . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

         Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
</TABLE>
<PAGE>   3
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                    SEPTEMBER 30, 1996 AND DECEMBER 31, 1995

                                     ASSETS

<TABLE>
<CAPTION>
                                                           1996            1995
                                                        (Unaudited)      (Audited) 
                                                       ------------    ------------
<S>                                                    <C>             <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)           $ 1,339,185     $ 1,103,818

CASH AND CASH EQUIVALENTS (Note 1)                       1,971,663       1,876,153

OTHER ASSETS                                                   600          -      
                                                       ------------    ------------

          TOTAL ASSETS                                 $ 3,311,448     $ 2,979,971
                                                       ============    ============


         LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)

LIABILITIES:
     Accounts payable                                  $       574     $    30,013 
                                                       ------------    ------------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                     (124,238)       (127,847)
     Limited partners                                    3,435,112       3,077,805 
                                                       ------------    ------------

                                                         3,310,874       2,949,958 
                                                       ------------    ------------

           TOTAL LIABILITIES AND PARTNERS'
                EQUITY (DEFICIENCY)                    $ 3,311,448     $ 2,979,971
                                                       ============    ============
</TABLE>


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





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<PAGE>   4

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

            NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995

                                  (Unaudited)


<TABLE>
<CAPTION>
                                       Nine months       Three months      Nine months       Three months
                                         ended              ended             ended             ended
                                      Sept. 30, 1996    Sept. 30, 1996    Sept. 30, 1995    Sept. 30, 199
                                      -------------     -------------     -------------     -------------
<S>                                   <C>               <C>               <C>               <C>
INTEREST INCOME                       $     51,755      $     19,357      $     44,036      $     16,437
                                      -------------     -------------     -------------     -------------

OPERATING EXPENSES:
    Legal and accounting                    41,192             1,535            30,649             1,579
    Management fees - general partner      190,836            63,612           190,836            63,612
    Administrative  (Note 3)                31,108             9,066            39,963            12,625
                                      -------------     -------------     -------------     -------------

     Total operating expenses              263,136            74,213           261,448            77,816
                                      -------------     -------------     -------------     -------------

LOSS FROM OPERATIONS                      (211,381)          (54,856)         (217,412)          (61,379)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED
      AS INCOME (Note 2)                   197,297            77,384           220,005            12,000

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                       375,000           125,000           375,000           125,000
                                      -------------     -------------     -------------     -------------

NET INCOME                            $    360,916      $    147,528      $    377,593      $     75,621
                                      =============     =============     =============     =============


NET INCOME PER
    LIMITED PARTNERSHIP
    INTEREST (Note 1)                 $         46      $         19      $         48      $         10
                                      =============     =============     =============     =============
</TABLE>


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





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<PAGE>   5
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENT OF PARTNERS' EQUITY (DEFICIENCY)

                      NINE MONTHS ENDED SEPTEMBER 30, 1996

                                  (Unaudited)


<TABLE>
<CAPTION>
                                         General         Limited
                                        Partners        Partners          Total   
                                       -----------     -----------     -----------
<S>                                  <C>             <C>             <C>
PARTNERSHIP INTERESTS,
   September 30, 1996                                       7,808
                                                       ==========


EQUITY (DEFICIENCY),
   January 1, 1996                     $ (127,847)     $3,077,805      $2,949,958

   Net income for the nine months
   ended September 30, 1996                 3,609         357,307         360,916 
                                       ----------      ----------      ----------

EQUITY (DEFICIENCY),
   September 30, 1996                  $  (124,238)    $3,435,112      $3,310,874
                                       ===========     ==========      ========== 
</TABLE>


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





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<PAGE>   6
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995

                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                  1996              1995  
                                                               -----------     -----------
<S>                                                            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                                  $  360,916      $  377,593
   Adjustments to reconcile net income to
      net cash (used in) provided by operating activities:
         Equity in income of limited partnerships
             and amortization of acquisition costs               (375,000)       (375,000)
         Increase in other assets                                    (600)          -
         Decrease in accounts payable                             (29,439)         (9,080)
                                                               -----------     -----------

           Net cash (used in) provided by operating
                 activities                                       (44,123)         (6,487)
                                                               -----------     -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Distributions from limited partnerships recognized
      as a return of capital                                      139,633         132,076 
                                                               -----------     -----------


NET INCREASE IN CASH AND CASH EQUIVALENTS                          95,510         125,589

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                  1,876,153       1,708,014 
                                                               -----------     -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                       $1,971,663      $1,833,603
                                                               ===========     ===========
</TABLE>


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





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<PAGE>   7
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 1996


NOTE 1 - SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES

         GENERAL

         The information contained in the following notes to the financial
         statements is condensed from that which would appear in the annual
         audited financial statements; accordingly, the financial statements
         included herein should be reviewed in conjunction with the financial
         statements and related notes thereto contained in the annual report
         for the year ended December 31, 1995 prepared by Real Estate
         Associates Limited V (the "Partnership").  Accounting measurements at
         interim dates inherently involve greater reliance on estimates than at
         year end.  The results of operations for the interim period presented
         are not necessarily indicative of the results for the entire year.

         In the opinion of the Partnership, the accompanying unaudited
         financial statements contain all adjustments (consisting primarily of
         normal recurring accruals) necessary to present fairly the financial
         position as of September 30, 1996, and the results of operations for
         the nine and three months then ended and changes in cash flows for the
         nine months then ended.

         The general partners have a 1 percent interest in profits and losses
         of the Partnership.  The limited partners have the remaining 99
         percent interest which is allocated in proportion to their respective
         individual investments.  National Partnership Investments Corp.
         (NAPICO) is the corporate general partner of the Partnership.

         USE OF ESTIMATES

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities and disclosure of contingent assets and liabilities at the
         date of the financial statements and reported amounts of revenues and
         expenses during the reporting period.  Actual results could differ
         from those estimates.

         METHOD OF ACCCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

         The investment in limited partnerships is accounted for on the equity
         method.  Acquisition, selection and other costs related to the
         acquisition of the projects are capitalized as part of the investment
         balance.

         NET INCOME PER LIMITED PARTNERSHIP INTEREST

         Net income per limited partnership interest was computed by dividing
         the limited partners' share of net income by the number of limited
         partnership interests outstanding during the year.  The number of
         limited partnership interests was 7,808 for the periods presented.





                                       5
<PAGE>   8
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1996


NOTE 1 - SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (CONTINUED)

         CASH AND CASH EQUIVALENTS

         Cash and cash equivalents consist of cash and bank certificates of
         deposit with an original maturity of three months or less.

         INCOME TAXES

         No provision has been made for income taxes in the accompanying
         financial statements since such taxes, if any, are the liability of
         the individual partners.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

         The Partnership had acquired limited partnership interests in 20
         limited partnerships and has limited partnership interests in 19
         limited partnerships at September 30, 1996.  The partnerships own
         residential rental  projects consisting of 1,319 apartment units.  The
         mortgage loans of these projects are insured by various governmental
         agencies.

         The Partnership, as a limited partner, is entitled to 75 percent to 99
         percent of the profits and losses in these limited partnerships.

         Equity in losses of limited partnerships is recognized in the
         financial statements until the limited partnership investment account
         is reduced to a zero balance.  Losses incurred after the limited
         partnership investment account is reduced to zero are not recognized.

         Distributions from the limited partnerships are accounted for as a
         return of capital until the investment balance is reduced to zero or
         to a negative amount equal to further capital contributions required.
         Subsequent distributions received are recognized as income.

         The following is a summary of the investment in limited partnerships
         as of September 30, 1996:

<TABLE>
         <S>                                                                              <C>
         Balance, beginning of period                                                     $1,103,818
         Cash distributions recognized as a return of capital                               (139,633)
         Amortization of acquisition costs                                                   (12,000)
         Equity in income of limited partnerships                                            387,000
                                                                                          ----------

         Balance, end of period                                                           $1,339,185
                                                                                          ==========
</TABLE>





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<PAGE>   9
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1996


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

         The following are unaudited combined estimated statements of
         operations for the nine and three months ended September 30, 1996 and
         1995 for the limited partnerships in which the Partnership has
         investments:

<TABLE>
<CAPTION>
                             Nine months          Three months          Nine months          Three months
                                ended                 ended                ended                ended
                           Sept. 30, 1996        Sept. 30, 1996        Sept. 30, 1995       Sept. 30, 1995
                           --------------        --------------       ---------------       --------------
           <S>                <C>                  <C>                   <C>                  <C>
           REVENUES
            Rental income      $9,462,000           $3,154,000           $9,600,000            $3,200,000

           EXPENSES
            Depreciation        1,413,000              471,000            1,590,000               530,000
            Interest            4,137,000            1,379,000            4,194,000             1,398,000
            Operating           3,975,000            1,325,000            3,930,000             1,310,000
                               ----------           ----------           ----------            ----------

                                9,525,000            3,175,000            9,714,000             3,238,000
                               ----------           ----------           ----------            ----------

            Net loss           $  (63,000)          $  (21,000)          $ (114,000)           $  (38,000)
                               ==========           ==========           ==========            ========== 
</TABLE>

         NAPICO, or one of its affiliates, is the general partner and property
         management agent for certain of the limited partnerships included
         above.

NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER

         Under the terms of the Restated Certificate and Agreement of Limited
         Partners, the Partnership is obligated to NAPICO for an annual
         management fee equal to 0.4 percent of the invested assets of the
         limited partnerships.  Invested assets are defined as the costs of
         acquiring project interests, including the proportionate amount of the
         mortgage loans related to the Partnership's interests in the capital
         accounts of the respective partnerships.  The fee was approximately
         $191,000 for the nine months ended September 30, 1996 and 1995.

         The Partnership reimburses NAPICO for certain expenses.  The
         reimbursement paid to NAPICO was  approximately $14,600 and $13,300
         for the nine months ended September 30, 1996 and 1995, respectively,
         and is included in administrative expenses.





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<PAGE>   10
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1996


NOTE 4 - CONTINGENCIES

         The corporate general partner of the Partnership is a plaintiff in
         various lawsuits and has also been a defendant in other lawsuits
         arising from transactions in the ordinary course of business.  In the
         opinion of management and the corporate general partners, the claims
         will not result in any material liability to the Partnership.

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

         Statement of Financial Accounting Standards No. 107, "Disclosure about
         Fair Value of Financial Instruments," requires disclosure of fair
         value information about financial instruments.  The carrying amount of
         assets and liabilities reported on the balance sheets that require
         such disclosure approximates fair value due to their short-term
         maturity.





                                       8
<PAGE>   11
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

         LIQUIDITY AND CAPITAL RESOURCES

         The Partnership's primary sources of funds include interest income
         earned from investing available cash and distributions from limited
         partnerships in which the Partnership has invested.  It is not
         expected that any of the local limited partnerships in which the
         Partnership has invested will generate cash flow sufficient to provide
         for distributions to limited partners in any material amount.

         RESULTS OF OPERATIONS

         Partnership revenues consist primarily of interest income earned on
         certificates of deposit and other temporary investment of funds not
         required for investment in local partnerships.

         Operating expenses consist primarily of recurring general and
         administrative expenses and professional fees for services rendered to
         the Partnership.  In addition, an annual Partnership management fee in
         an amount equal to .4 percent of invested assets is payable to the
         corporate general partner.  Operating expenses are consistent with the
         prior year.

         The Partnership accounts for its investments in the local limited
         partnerships on the equity method, thereby adjusting its investment
         balance by its proportionate share of the income or loss of the local
         limited partnerships.  Losses incurred after the limited partnership
         investment account is reduced to zero are not recognized in accordance
         with the equity accounting method.  At September 30, 1996, the
         Partnership has investments in 19 limited partnerships, all of which
         had operations.

         Distributions received from limited partnerships are recognized as
         return of capital until the investment balance has been reduced to
         zero or to a negative amount equal to future capital contributions
         required.  Subsequent distributions received are recognized as income.

         Except for certificates of deposit and money market funds, the
         Partnership's investments are entirely interests in other limited
         partnerships primarily owning government assisted projects.  Available
         cash is invested in these funds earning interest income as reflected
         in the statement of operations.  These funds can be converted to cash
         to meet obligations as they arise.  The Partnership intends to
         continue investing available funds in this manner.





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<PAGE>   12
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

The corporate general partner is a plaintiff or defendant in several lawsuits.
None of these are related to REAL V.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)     No exhibits are required per the provision of Item 7 of
                 regulation S-K.





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<PAGE>   13
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


                                   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 thereunto duly authorized.


                              REAL ESTATE ASSOCIATES LIMITED V
                              (a California limited partnership)


                              By:  National Partnership Investments Corp.
                                   General Partner


                              Date:                                    
                                    -----------------------------------



                              By:                                     
                                   -----------------------------------
                                   Bruce Nelson
                                   President



                              Date:                                    
                                    -----------------------------------



                              By:                                     
                                   -----------------------------------
                                   Shawn Horwitz
                                   Executive Vice President and
                                   Chief Financial Officer




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