----

----

| Pennsylvania                                                        | 65-1189593                                   |
|---------------------------------------------------------------------|----------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) | (I.R.S.      Employer Identification Number) |

| Large      accelerated filer  ̈                       | Accelerated      filer  ̈    |
|-----------------------------------------------------------|----------------------------------|
| Non-accelerated      filer  ̈                         | Smaller      reporting company T |
|  (Do      not check if a smaller reporting company.) |                             |

----

----

----

|           | PART      I                                                                                     |   |
|----------------|-------------------------------------------------------------------------------------------------|--------|
| Item      1.   | Financial      Statements                                                                       | 3      |
| Item      2.   | Management's      Discussion and Analysis of Financial Condition and Results of      Operations | 14     |
| Item      3.   | Quantitative      and Qualitative Disclosures About Market Risk                                 | 18     |
| Item      4T.  | Controls      and Procedures                                                                    | 18     |
|           | PART      II                                                                                    |   |
| Item      1.   | Legal      Proceedings                                                                          | 18     |
| Item      1 A. | Risk      Factors                                                                               | 19     |
| Item      2.   | Unregistered      Sales of Equity Securities and Use of Proceeds                                | 19     |
| Item      3.   | Defaults      Upon Senior Securities                                                            | 19     |
| Item      4.   | Submission      of Matters to a Vote of Securities Holders                                      | 19     |
| Item      5.   | Other      Information                                                                          | 19     |
| Item      6.   | Exhibits                                                                                        | 19     |
|           |                                                                                            |   |

----

| Commonwealth      Income & Growth Fund V                                                                                                                                                                    |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed      Balance Sheets                                                                                                                                                                                   |   |
|                                                                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                                                                            |   | September      30, |   |   | December      31, |   |
|                                                                                                                                                                                                            |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                            |   | (unaudited) |   |   |   |   |
| Assets                                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |
| Cash                                                                                                                                                                                                            |   | $ | 495,866 |   |   | $ | 3,053,703 |   |
| Lease      income receivable, net of reserve of  $128,617 and $115,617 at      September 30, 2009 and  December      31, 2008, respectively                                                 |   |   | 499,203 |   |   |   | 320,541 |   |
| Accounts      receivable, Commonwealth Capital Corp.                                                                                                                                                            |   |   |   |   |   |   | 359,048 |   |
| Accounts      receivable, affiliated limited partnerships                                                                                                                                                       |   |   | 228 |   |   |   | 300 |   |
| Prepaid      expenses                                                                                                                                                                                           |   |   | 6,524 |   |   |   | 6,422 |   |
|                                                                                                                                                                                                            |   |   | 1,001,821 |   |   |   | 3,740,014 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Computer      equipment, at cost                                                                                                                                                                                |   |   | 23,792,945 |   |   |   | 21,267,794 |   |
| Accumulated      depreciation                                                                                                                                                                                   |   |   | (16,002,140 | ) |   |   | (12,060,593 | ) |
|                                                                                                                                                                                                            |   |   | 7,790,805 |   |   |   | 9,207,201 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Equipment      acquisition costs and deferred expenses, net of accumulated amortization      of  $378,213      and  $518,860 at September 30, 2009 and December 31, 2008,      respectively |   |   | 204,243 |   |   |   | 247,773 |   |
| Prepaid      acquisition Fees                                                                                                                                                                                   |   |   | 55,893 |   |   |   | 180,205 |   |
|                                                                                                                                                                                                            |   |   | 260,136 |   |   |   | 427,978 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Total      Assets                                                                                                                                                                                               |   | $ | 9,052,762 |   |   | $ | 13,375,193 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Liabilities      and Partners' Capital                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                                                                                                           |   | $ | 110,917 |   |   | $ | 357,751 |   |
| Accounts      payable, General Partner                                                                                                                                                                          |   |   | 67,211 |   |   |   | 22,596 |   |
| Accounts      payable, Commonwealth Capital Corp.                                                                                                                                                               |   |   | 14,252 |   |   |   | - |   |
| Other      accrued expenses                                                                                                                                                                                     |   |   | 17,239 |   |   |   | 11,302 |   |
| Unearned      lease income                                                                                                                                                                                      |   |   | 344,991 |   |   |   | 142,203 |   |
| Notes      payable                                                                                                                                                                                              |   |   | 528,203 |   |   |   | 1,551,477 |   |
| Total      Liabilities                                                                                                                                                                                          |   |   | 1,082,813 |   |   |   | 2,085,329 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Partners'      Capital                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
| General      partner                                                                                                                                                                                            |   |   | 1,000 |   |   |   | 1,000 |   |
| Limited      partners                                                                                                                                                                                           |   |   | 7,968,949 |   |   |   | 11,288,864 |   |
| Total      Partners' Capital                                                                                                                                                                                    |   |   | 7,969,949 |   |   |   | 11,289,864 |   |
|                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Total      Liabilities and Partners' Capital                                                                                                                                                                    |   | $ | 9,052,762 |   |   | $ | 13,375,193 |   |

----

| Commonwealth      Income & Growth Fund V                                                            |   |
|---------------------------------------------------------------------------------------------------------|--------|
| Condensed      Statements of Operations                                                                 |   |
| (unaudited)                                                                                             |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   | Three      Months Ended |   |   | Nine      Months Ended |   |
|                                                                                                    |   | September      30, |   |   | September      30, |   |
|                                                                                                    |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenue                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Lease                                                                                                   |   | $ | 1,325,909 |   |   | $ | 1,623,117 |   |   | $ | 4,312,224 |   |   | $ | 5,190,395 |   |
| Interest      and other                                                                                 |   |   | 40,831 |   |   |   | 23,593 |   |   |   | 74,157 |   |   |   | 73,388 |   |
| Gain      (loss) on sale of computer equipment                                                          |   |   | (2,120 | ) |   |   | 2,709 |   |   |   | 17,040 |   |   |   | 84,982 |   |
| Total      revenue                                                                                      |   |   | 1,364,620 |   |   |   | 1,649,419 |   |   |   | 4,403,421 |   |   |   | 5,348,765 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating,      excluding depreciation                                                                  |   |   | 266,140 |   |   |   | 327,542 |   |   |   | 1,000,680 |   |   |   | 1,123,480 |   |
| Equipment      management fee, General Partner                                                          |   |   | 66,295 |   |   |   | 81,156 |   |   |   | 215,611 |   |   |   | 259,520 |   |
| Interest                                                                                                |   |   | 11,650 |   |   |   | 32,326 |   |   |   | 49,530 |   |   |   | 114,822 |   |
| Depreciation                                                                                            |   |   | 1,549,182 |   |   |   | 1,330,147 |   |   |   | 4,381,119 |   |   |   | 4,088,315 |   |
| Amortization      of equipment acquisition costs and deferred expenses                                  |   |   | 51,260 |   |   |   | 76,089 |   |   |   | 167,842 |   |   |   | 232,861 |   |
| Bad      debt expense                                                                                   |   |   | - |   |   |   | 30,818 |   |   |   | 13,000 |   |   |   | 30,818 |   |
| Total      expenses                                                                                     |   |   | 1,944,527 |   |   |   | 1,878,078 |   |   |   | 5,827,782 |   |   |   | 5,849,816 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss)                                                                                         |   | $ | (579,907 | ) |   | $ | (228,659 | ) |   | $ | (1,424,361 | ) |   | $ | (501,051 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss) allocated to limited partners                                                           |   | $ | (476,010 | ) |   | $ | (234,897 | ) |   | $ | (1,443,019 | ) |   | $ | (519,789 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss) per equivalent limited partnership unit                                                 |   | $ | (0.38 | ) |   | $ | (0.19 | ) |   | $ | (1.16 | ) |   | $ | (0.42 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average number of equivalent limited partnership units outstanding during      the period |   |   | 1,243,204 |   |   |   | 1,248,010 |   |   |   | 1,243,960 |   |   |   | 1,249,082 |   |

----

| Commonwealth      Income & Growth Fund V      |
|---------------------------------------------------|
| Condensed      Statements of Partners' Capital    |
| For      the nine months ended September 30, 2009 |
| (unaudited)                                       |
|                                              |
|                                              |  General      Partner      Units |  Limited      Partner      Units |  General      Partner |  Limited      Partner |  Total |
| Balance,      January 1, 2009                     |                           50 |                1,245,852 |  $               1,000 |  $       11,288,864 |  $      11,289,864 |
| Net      Income (loss)                            |                              - |                                 - |                      18,658 |              (1,443,019) |           (1,424,361) |
| Redemptions                                       |                              - |                        (2,648) |                              - |                   (29,654) |                 (29,654) |
| Distributions                                     |                              - |                                 - |                    (18,658) |              (1,847,242) |           (1,865,900) |
| Balance,      September 30, 2009                  | 50 |                1,243,204 |  $                  1,000 |  $         7,968,949 |  $        7,969,949 |

----

| Commonwealth      Income & Growth Fund V          |   |
|-------------------------------------------------------|--------|
| Condensed      Statements of Cash Flow                |   |
| (unaudited)                                           |   |
|                                                  |   |   |   |   |   |   |
|                                                  |   | Nine      Months ended |   |   | Nine      Months ended |   |
|                                                  |   | September      30, |   |   | September      30, |   |
|                                                  |   | 2009 |   |   | 2008 |   |
|                                                  |   |   |   |   |   |   |
| Net      cash provided by operating activities        |   | $ | 2,285,399 |   |   | $ | 1,708,949 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Investing      activities:                            |   |   |   |   |   |   |   |   |
| Capital      expenditures                             |   |   | (3,107,805 | ) |   |   | (770,973 | ) |
| Acquisition      fees paid to General Partner         |   |   | - |   |   | $ | (14,039 | ) |
| Net      proceeds from the sale of computer equipment |   |   | 160,123 |   |   |   | 545,652 |   |
| Net      cash (used in) investing activities          |   |   | (2,947,682 | ) |   |   | (239,360 | ) |
|                                                  |   |   |   |   |   |   |   |   |
| Financing      activities:                            |   |   |   |   |   |   |   |   |
| Redemptions                                           |   |   | (29,654 | ) |   |   | (49,119 | ) |
| Distributions      to partners                        |   |   | (1,865,900 | ) |   |   | (1,873,347 | ) |
| Debt      placement fee paid to General Partner       |   |   | - |   |   |   | (2,916 | ) |
| Net      cash (used in) financing activities          |   |   | (1,895,554 | ) |   |   | (1,925,382 | ) |
|                                                  |   |   |   |   |   |   |   |   |
| Net      (decrease) in cash                           |   |   | (2,557,837 | ) |   |   | (455,793 | ) |
| Cash      beginning of period                         |   |   | 3,053,703 |   |   |   | 4,114,953 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Cash      end of period                               |   | $ | 495,866 |   |   | $ | 3,659,160 |   |

----

----

----

----

| At      September 30, 2009 | Bank      A                                                                                  |
|----------------------------|----------------------------------------------------------------------------------------------|
| Total      bank balance    |  $          1,003,978                 |
| FDIC      insurable limit  |  $          (250,000)                 |
| Uninsured      amount      |  $             753,978 |

----

----

|                                      | Amount                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Three      Months ended December 31, 2009 |  $                         925,475                                                                                                                                                                              |
| Year      ended December 31, 2010         |                                                     2,015,859                 |
| Year      ended December 31, 2011         |                                                     1,212,108                 |
| Year      ended December 31, 2012         |                                                        303,886 |
|                                      |  $                      4,457,328                                                                                                                                                                                              |

| Nine      Months Ended September 30,                                                                                                                                                                                                                                                                                                                                                                                                                       | 2009                                                                                                           | 2008                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                           |                                                                                                          |
| Reimbursable expenses                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                           |                                                                                                          |
| Reimbursable      expenses, which are charged to the Partnership by CCC in connection with      the administration and operation of the Partnership, are allocated to the      Partnership based upon several factors including, but not limited to, the      number of investors, compliance issues, and the number of existing      leases.  See “Summary of Significant Accounting Policies -      Reimbursable Expenses, “above. |  $                926,000 |  $           1,068,000                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                           |                                                                                                          |
| Equipment Acquisition fee                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                           |                                                                                                          |
| The      General Partner earned an equipment acquisition fee of 4% of the purchase      price of each item of equipment purchased as compensation for the      negotiation of the acquisition of the equipment and lease thereof or sale      under a conditional sales contract.   At September 30,      2009, the remaining balance of prepaid acquisition fees was approximately      $56,000, which will be earned in future periods.   |  $                124,000 |  $                42,000 |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                             |                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
| Debt Placement fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                             |                                                                                                                     |
| As      compensation for arranging term debt to finance the acquisition of      equipment by the Partnership, the General Partner is paid a fee equal to      1% of such indebtedness, provided, however, that such fee shall be reduced      to the extent the Partnership incurs such fees to third parties,      unaffiliated with the General Partner or the lender, with respect to such      indebtedness and no such fee will be paid with respect to borrowings from      the General Partner or its affiliates.                                                                                                                                                    |  $                            - |  $                  3,000 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                             |                                                                                                                     |
| Equipment management fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                             |                                                                                                                     |
| The      General Partner is entitled to be paid for managing the equipment      portfolio a monthly fee equal to the lesser of (i) the fees which would be      charged by an independent third party for similar services for similar      equipment or (ii) the sum of (a) two percent of (1) the gross lease      revenues attributable to equipment which is subject to full payout net      leases which contain net lease provisions plus (2) the purchase price paid      on conditional sales contracts as received by the Partnership and (b) 5%      of the gross lease revenues attributable to equipment which is subject to      operating and capital leases. |  $                216,000                                                                   |  $              260,000                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                       |                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|
| Equipment liquidation fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                       |                                                                                                          |
| With      respect to each item of equipment sold by the General Partner (other than      in connection with a conditional sales contract), a fee equal to the      lesser of (i) 50% of the competitive equipment sale commission or (ii)      three percent of the sales price for such equipment is payable to the      General Partner.  The payment of such fee is subordinated to the      receipt by the limited partners of (i) a return of their net capital      contributions and a 10% per annum cumulative return, compounded daily, on      adjusted capital contributions and (ii) the net disposition proceeds from      such sale in accordance with the Partnership Agreement.  Such      fee will be reduced to the extent any liquidation or resale fees are paid      to unaffiliated parties. |  $                     5,000 |  $                18,000 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                       |                                                                                                          |

----

|                                                                                                                                                                                                                                             |   | September      30, 2009 |    |   | December      31, 2008 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                                                                                                                                                                                                             |   |                    |    |   |                   |   |
| Installment      notes payable to banks; interest ranging from 5.25% to 6.20% due in      quarterly or monthly installments      ranging from $6,588 to $134,671, including interest, with final payments      from January through October 2009 |   | $                       | 190,041 |   |                   | $      | 989,358 |   |
|                                                                                                                                                                                                                                             |   |                    |    |   |                   |   |   |   |
| Installment      notes payable to banks; interest ranging from 5.40% to 5.85% due in      quarterly installments      ranging from $23,643 to $31,661, including interest, with final payments      from January through July 2010               |   |                    | 167,998 |   |                   |   | 322,037 |   |
|                                                                                                                                                                                                                                             |   |                    |    |   |                   |   |   |   |
| Installment      note payable to bank; interest at 5.75% due in quarterly installments of      $22,756 including interest,      with final payment in January 2011                                                                          |   |                    | 129,923 |   |                   |   | 190,829 |   |
|                                                                                                                                                                                                                                             |   |                    |    |   |                   |   |   |   |
| Installment      note payable to bank; interest at 6.21%, due in monthly installments of      $1,368, including interest,      with final payment in May 2012.                                                                              |   |                    | 40,241  |   |                   |   | 49,253 |   |
|                                                                                                                                                                                                                                             |   | $                       | 528,203 |   |                   | $      | 1,551,477 |   |
|                                                                                                                                                                                                                                                  |

|                                       | Amount                                                                                                                                                                                                   |
|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Three      months ending December 31, 2009 |  $                               267,218 |
| Year      ended December 31, 2010          | 216,349                                                                                                                                                                                                  |
| Year      ended December 31, 2011          | 37,903                                                                                                                                                                                                   |
| Year      ended December 31, 2012          | 6,733                                                                                                                                                                                                    |
|                                       |  $                               528,203 |

----

| Nine      months ended September 30,                                                                                                   | 2009                                                 | 2008                                     |
|----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|------------------------------------------|
| Lease      income, net of interest expense on notes payable realized as a result of      direct payment of principal by lessee to bank |  $      1,023,374 |  $    1,495,243 |
|                                                                                                                                   |                                                 |                                     |

| Nine      months ended September 30,                                                                                    | 2009                                                                                                                                   | 2008                                                                |
|-------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
| Debt      assumed in connection with purchase of computer equipment                                                     |  $                     - |  $       291,642            |
| Equipment      acquisition fees earned by General Partner upon purchase of equipment from      prepaid acquisition fees |  $       124,312                                                                               |  $         42,505 |

----

----

| At      September 30, 2009 | Bank      A                                                                                  |
|----------------------------|----------------------------------------------------------------------------------------------|
| Total      bank balance    |  $          1,003,978                 |
| FDIC      insurable limit  |  $          (250,000)                 |
| Uninsured      amount      |  $             753,978 |

----

----

----

|                                                                                                                        |                                                             |
|--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|
| Item      2.                                                                   | Unregistered      Sales of Equity Securities and Use of Proceeds |
|                         | N/A                                                              |
|                                                                                                                                       |                                                             |
| Item      3.                                                                   | Defaults      Upon Senior Securities                             |
|                         | N/A                                                              |
|                                                                                                                                       |                                                             |
| Item      4.                                                                                                                               | Submission      of Matters to a Vote of Securities Holders       |
|                                                                                                                                       | N/A                                                              |
|                                                                                                                                       |                                                             |
| Item      5.                                                                                                                               | Other      Information                                           |
|                                                                                                                                       | N/A                                                              |
|                                                                                                                                       |                                                             |
| Item      6.                                                                                                                               | Exhibits                                                         |

31.1THE RULE 15d-14(a) CERTIFICATION OF PRINCIPAL EXECUTIVEOFFICER

31.2THE RULE 15d-14(a) CERTIFICATION OF PRINCIPAL FINANCIALOFFICER

32.1SECTION 1350 CERTIFICATION OF PRINCIPAL EXECUTIVEOFFICER

32.2SECTION 1350 CERTIFICATION OF PRINCIPAL FINANCIALOFFICER

|   | COMMONWEALTH      INCOME & GROWTH FUND V                             |
|--------|--------------------------------------------------------------------------|
|   | BY:      COMMONWEALTH INCOME & GROWTH FUND, INC., General    Partner |

| November 16, 2009 | By: /s/ Kimberly A.      Springsteen-Abbott           |
|-------------------|-------------------------------------------------------|
| Date              | Kimberly      A. Springsteen-Abbott                   |
|              | Chief      Executive Officer                          |
|              |                                                  |
| November 16, 2009 | By: /s/  Lynn A.      Franceschina          |
| Date              | Lynn      A. Franceschina                             |
|              | Executive      Vice President, Chief OperatingOfficer |