UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 12b-25
                           NOTIFICATION OF LATE FILING
                                                                 SEC FILE NUMBER
                                                                 0-13400

                                                                 CUSIP NUMBER

(Check  One): [x]Form 10-K [ ]Form 20-F [ ]Form 11-K [ ]Form 10-Q [ ]Form N-SAR

                     For Period Ended: December 31, 1999
                     [ ] Transition Report on Form 10-K
                     [ ] Transition Report on Form 20-F
                     [ ] Transition Report on Form 11-K
                     [ ] Transition Report on Form 10-Q
                     [ ] Transition Report on Form N-SAR
                     For the Transition Period Ended: _______________________

  Read Instruction (on back page) Before Preparing Form. Please Print or Type.
    NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
                   VERIFIED ANY INFORMATION CONTAINED HEREIN.

If the notification  relates to a portion on the filing checked above,  identify
the Item(s) to which the notification relates:

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PART I - REGISTRANT INFORMATION

         NTS-Properties V, a Maryland Limited Partnership
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Full Name of Registrant

         - -
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Former Name if Applicable

         10172 LINN STATION ROAD
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Address of Principal Executive Office (Street and Number)

         Louisville, Kentucky 40223
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City, State and Zip Code

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without  unreasonable effort or expense
and the registrant  seeks relied pursuant to Rule 12b-25(b) the following should
be completed. (Check box if appropriate)

[x]  (a)  The reasons  described  in  reasonable detail in Part III of this form
          could not be eliminated without unreasonable effort or expense;

     (b)  The subject annual report,  semi-annual  report,  transition report on
          Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof,  will be
          filed on or before

     (c)  The accountant's statement or other exhibit required by Rule 12b-25(c)
          has been attached if applicable.

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PART III - NARRATIVE

State below in reasonable  detail the reasons why Forms 10-K,  20-F, 11-K, 10-Q,
N-SAR, or the transition  report or portion  thereof,  could not be filed within
the prescribed time period.

         Filing package was not available for final transmission.

PART IV - OTHER INFORMATION

1)   Name  and  telephone  number  of  person  to  contact  in  regard  to  this
     notification

       Gregory A. Wells             (502)                   426-4800
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           (Name)                (Area Code)           (Telephone Number)

2)   Have all other periodic  reports  required under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months or for such shorter  period that the
     registrant was required to file such  reports(s)  been filed?  If answer is
     no, identify report(s) [X] Yes [ ] No

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3)   Is it anticipated  that any significant  change in the result of operations
     from the corresponding period for the last fiscal year will be reflected by
     the  earnings  statements  to be included in the subject  report or portion
     thereof? [ ] Yes [X] No

     If so, attach an explanation of the anticipated  change,  both  narratively
     and quantitatively,  and if appropriate, state the reasons why a reasonable
     estimate of the results cannot be made.

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                NTS-Properties V, a Maryland Limited Partnership
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                  (Name of Registrant as Specified in Charter)

has  caused  this  notification  to be signed on its  behalf by the  undersigned
hereunto duly authorized.

Date         March 31, 2000                  By      /s/ Gregory A. Wells
     -----------------------------             ---------------------------------
                                                   Senior Vice President and
                                                   Chief Financial Officer of
                                                   NTS Capital Corporation

INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly  authorized  representative.  The name and title of the person
signing  the form  shall  be typed or  printed  beneath  the  signature.  If the
representative   (other   than   an   executive   officer),   evidence   of  the
representative's  authority to sign on behalf of the  registrant  shall be filed
with the form.

                                    ATTENTION

INTERNAL   MISSTATEMENTS  OR  OMISSIONS  OF  FACT  CONSTITUTE  FEDERAL  CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).

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                              GENERAL INSTRUCTIONS

1. This form is required by Rule 12b-25 (17CFR  240.12b-25) of the General Rules
and Regulations under the Securities and Exchange Act of 1934.

2. One signed original and four conformed copies of this and amendments  thereto
must be completed and filed with the Security Exchange  Commission,  Washington,
D.C.  20549,  in accordance  with Rule 0-3 of the General Rules and  Regulations
under the Act. The information  contained in or filed with the form will be made
a matter of public record in the Commission files.

3. A manually signed copy of the form and amendments thereto shall be filed with
each  national  securities  exchange  on which  any class of  securities  of the
registrant is registered.

4. Amendments to the notification must also be filed on form 12b-25 but need not
restate information that has been correctly furnished. The form shall be clearly
identified as an amended notification.

5.  Electronic  Filers.  This form shall not be used by filers  unable to timely
file a report solely due to electronic  difficulties.  Filers unable to submit a
report  within the time period  prescribed  due to  difficulties  in  electronic
filing should comply with either Rule 201 or Rule 202 of Regulation S-T (Section
232.201 or Section 232.202 of this chapter) or apply for an adjustment in filing
space  pursuant  to Rule 13(b) of  Regulation  S-T  (Section  232.13(b)  of this
chapter).

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