<PAGE>   1
                                  UNITED STATES
                       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 Period ended March 31, 1998

                  --------------------------------------------

                           Commission file No. 0-19916

                            TMP INLAND EMPIRE V, LTD
                        A CALIFORNIA LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)


CALIFORNIA                                 33-0341829
(State or other jurisdiction of            (I.R.S.  Employer Identification No.)
incorporation or organization)

801 North Parkcenter Drive, Suite 235      92705
Santa Ana,  California                     (Zip Code)
(Address of principal executive office)

                                 (714) 836-5503
              (Registrant's telephone number, including area code)

                    -----------------------------------------


Indicate by check mark whether Registrant has [1] filed all reports required to
be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or 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
PART I - FINANCIAL INFORMATION


Item 1.   Financial Statements


The following financial statements are filed as a part of this form 10-Q:

Balance Sheets as of March 31, 1998 and December 31, 1997,

Statements of Income for the three months ended March 31, 1998, and 1997.

Statements of Cash Flows for the three months ended March 31, 1998, and 1997.


The accompanying unaudited interim financial statements include all adjustments
(consisting solely of normal recurring adjustments) which are, in the opinion of
management, necessary to fairly present the financial position of the
Partnership as of March 31, 1998 and the results of its operations, changes in
partners' equity, and cash flows for the periods then ended.


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<PAGE>   3
                            TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership


                                 Balance Sheets


<TABLE>
<CAPTION>
Assets                                             March 31, 1998         December 31, 1997
<S>                                                <C>                    <C>        

Cash                                                 $    17,869              $    32,509
Notes & Accounts Receivable (Note 3)                      84,982                   92,010
Interest Receivable                                          486                        0
Investment in Unimproved Land (Note 1)                 6,573,291                6,499,000

Total Assets                                         $ 6,676,628              $ 6,623,519
                                                     ===========              ===========


Liabilities and Partners Capital

Accounts Payable and Accrued Liabilities             $         0              $     3,295
Property Taxes Payable (Note 6)                          234,867                  180,150
Commissions Payable (Note 4)                               5,400                    5,400
Notes Payable (Note 5)                                   125,000                  125,000

Total Liabilities                                    $   365,267              $   313,845
                                                     ===========              ===========

Partners' Capital

General Partners                                     $   (26,068)             $   (26,084)
Limited Partners 10,000 Equity
Units Authorized and Outstanding                       6,337,429                6,335,758

Total Partners Capital                               $ 6,311,361              $ 6,309,674

Total Liabilities and Partners Capital               $ 6,676,628              $ 6,623,519
                                                     ===========              ===========
</TABLE>


                                                                               3
<PAGE>   4
                            TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership


                              Statements of Income


<TABLE>
<CAPTION>
                                                       Three Months Ended
                                                   March 31          March 31
                                                     1998              1997
<S>                                                <C>               <C>
                                                    $                 $

Land Sales                                               0                 0

Cost of Land Sales                                       0                 0

Gross Profit                                             0                 0

Interest and Other Income                            1,686             2,370

Gross Income                                         1,686             2,370

General & Admin. Expense                                 0                 0

Net Income (Loss)                                    1,686             1,715
                                                     =====             =====

Allocation of Net Income (Loss)(Note 2):

General Partners                                        16                17

Limited Partners                                     1,670             1,698

Limited Partners Per Unit                              .16               .17
</TABLE>


                                                                               4
<PAGE>   5
                            TMP INLAND EMPIRE V, LTD
                        A California Limited Partnership

                             Statement of Cash Flows


<TABLE>
<CAPTION>
                                                                                     Three Months Ended March 31,
                                                                                      1998                  1997
<S>                                                                                 <C>                   <C>     

Net Income (Loss)                                                                   $  1,686              $  1,715
Non-Cash Adjustment:
Amortization of  Organization Costs                                                        0                     0
Adjustments to Reconcile Net Income (loss) 
           to net cash used in operating activities:
           Incr./Decr. In Invest. in unimproved  Land                                (74,291)              (45,780)
           Incr./Decr. In Receivables                                                   (486)                    0
           Increase in Prepaid Expense                                                     0                     0
           Increase in Accounts Payable and  
           Accrued Liabilities                                                        51,422                14,865

Net Cash provided by (used in)
Operating Activities                                                                 (21,669)              (29,200)

Notes Receivable                                                                       7,029                 4,649
Notes Payable                                                                              0                     0
                                                                                    --------              --------

Net Cash provided by financing activities                                              7,029                 4,649
                                                                                    ========              ========


Net Increase/Decrease in Cash                                                        (14,640)              (24,551)

Cash, Beginning of Period                                                             32,509                68,795

Cash, End of Period                                                                   17,869                44,244
                                                                                    ========              ========
</TABLE>


                                                                               5
<PAGE>   6
                           TMP INLAND EMPIRE VII, LTD.
                        a California Limited Partnership

                        Notes to the Financial Statements
                    For the Three Months Ended March 31, 1998
                                   (Unaudited)

Note 1 - Summary of Significant Accounting Policies

Accounting Method - TMP Inland Empire V, Ltd. (the Partnership) prepares its
financial statements on the accrual basis of accounting.

Organization Costs - Organization costs include expenses incurred in the
formation of the Partnership that have been capitalized and that have been
amortized over a period of 40 years prior to 1992 and are being amortized over
five years beginning in 1992.

Investment in Unimproved Land - The Partnership's land is stated at the lower of
actual cost or market value, based on specific identification. All costs
associated with the acquisition of a property are capitalized. In addition, the
Partnership capitalizes all carrying costs.

Income Taxes - The entity is treated as a partnership for income tax purposes
and any income or loss is passed through and taxable at the partner level.
Accordingly, no provision for federal income taxes is provided.

NOTE 2 - Allocation of Profits, Losses and Cash Distributions

Profits, losses, and cash distributions are allocated 99 percent to the limited
partners and one percent to the general partners until the limited partners have
received an amount equal to their capital contributions plus a cumulative,
non-compounded return of six percent per annum based on their adjusted capital
account balances. At that point, remaining profits, losses and cash
distributions are allocated 85 percent to the limited partners and 15 percent to
the general partners.

As of March 31, 1998 and 1997, profits, losses and cash distributions were
allocated 99 percent to the limited partners and one percent to the general
partners.

NOTE 3 - Note Receivable

As of March 31, 1998, the Partnership had a note receivable relating to a
property sale in 1995. The note bears interest at seven percent per annum with
monthly principal and interest payments of $3,000.


                                                                               6
<PAGE>   7
NOTE 4 - Commissions Payable

As of March 31, 1998 and 1997, the Partnership had a payable to a related party
for services rendered relating to sales of properties in 1989 and 1990.

NOTE 5 - Note Payable

As of March 31, 1998, the Partnership had a note payable to a private mortgage
company. The loan bears interest at 15% per annum and matures August 1, 1998.

NOTE 6 - Property Taxes Payable

Property Taxes payable as of March 31, 1998 is as follows:

<TABLE>
<S>                    <C>   
1994                    48,201
1995                    56,269
1996                    29,868
1997                    35,770
1998                    64,759
                       -------
                       234,867
                       =======
</TABLE>

If property taxes remain delinquent for five years, then the County can
foreclose on the property. Management plans to take necessary actions to prevent
foreclosures.


                                                                               7
<PAGE>   8
                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership
                    For the Three Months Ended March 31, 1998


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

Partnership revenues during the three periods ended March 31, 1998 and 1997
consisted primarily of interest income.

Operating activities for the three months ended March 31, 1998 and 1997 used
approximately $74,000 and $46,000 of cash, respectively; mainly for the carrying
costs of the land held for investment. Financing activities for the three months
ended March 31, 1998 provided approximately $7,000 from the paydown of the note
receivable. Financing activities for the three months ended March 31, 1997
provided approximately $4,000 from the paydown of the note receivable.

The Partnership had twelve properties as of March 31, 1998 that are being held
for appreciation and resale. Upon the sale of each property, the Partnership
intends to distribute the sales proceeds, less any reserves needed for
operations, to the partners.

The Partnership has insufficient cash to meet anticipated cash requirements for
the next twelve months. Management intends to withhold the payment of certain
expenses such as property taxes. If additional cash is needed, management will
attempt to sell one or more parcels of land or procure a loan secured by
Partnership land. However, there is no assurance that management will be able to
accomplish this.


                                                                               8
<PAGE>   9
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.

Date: May 12, 1998                               TMP INLAND EMPIRE V, LTD.



By:  TMP Investments, Inc., as General Partner


By:  /s/ WILLIAM O. PASSO
     -----------------------------------------------
         William O. Passo, President


By:  /s/ ANTHONY W. THOMPSON
     -----------------------------------------------
         Anthony W. Thompson, Exec. Vice President


By:  /s/ RICHARD HUTTON, JR.
     -----------------------------------------------
         Richard Hutton, Jr., Controller



By:  TMP Properties, A California Partnership as General Partner


By:  /s/ WILLIAM O. PASSO
     -----------------------------------------------
         William O. Passo, General Partner


By:  /s/ ANTHONY W. THOMPSON
     -----------------------------------------------
         Anthony W. Thompson, General Partner


By:  /s/ SCOTT E. MCDANIEL
     -----------------------------------------------
         Scott E. McDaniel, General Partner


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                                 EXHIBIT INDEX



EXHIBIT
NUMBER                   DESCRIPTION
-------                  -----------

  27                     Financial Data Schedule