SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C.  20549


                          SCHEDULE 13D


           Under the Securities Exchange Act of 1934
                        AMENDMENT NO. 23


            Southwest Royalties, Inc. Income Fund V
                        (Name of Issuer)


                 Limited Partnership Interests
                 (Title of Class of Securities)


                         Not Applicable
                         (CUSIP Number)


                         L. Paul Latham
                   Southwest Royalties, Inc.
                   6 Desta Drive, Suite 6500
                   Midland, Texas 79705-5510
                         (432) 682-6324
                (Name, Address and Telephone Number of Person
       Authorized to Receive Notices and Communications)


                         March 30, 2005
    (Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule
13G  to  report  the  acquisition that is  the  subject  of  this
Schedule  13D,  and is filing this schedule because  of  240.13d-
1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  ?




                    CUSIP No. Not Applicable

 (1) Names of Reporting Persons         Southwest Royalties, Inc.


 (2) Check the Appropriate Box               (a)
     if a Member of a Group             (b)  X

 (3) SEC Use Only

 (4) Source of Funds                         WC

 (5) Check if Disclosure of Legal
     Proceedings is Required
     Pursuant to Items 2(d) or 2(e)          Not Applicable

 (6) Citizenship or Place of
     Organization                       Delaware corporation


Number  of  Shares/Units  Beneficially Owned  by  Each  Reporting
Person With:


 (7) Sole Voting Power                  3,102.83 Units

 (8) Share Voting Power                 None

 (9) Sole Dispositive Power             3,102.83 Units

(10) Shared Dispositive Power           None

(11) Aggregate Amount Beneficially
     Owned by Each Reporting Person          3,102.83 Units

(12) Check if the Aggregate Amount
     in Row (11) Excludes Certain
     Shares                             Not Applicable

(13) Percent of Class Represented
     by Amount in Row (11)              41.4% of class of
                                        7,500 Units

(14)                                         Type   of  Reporting
                                             Person
                                             CO (Managing General
                                             Partner of Issuer)



Item 1.                                 Type     of     Security:
                                        Limited       Partnership
                                        Interests ("Units")

                                               Name   of  Issuer:
                                        Southwest Royalties, Inc.
                                        Income Fund V

          Address of Issuer's           6 Desta Drive
          Principal Executive           Suite 6500
          Offices:                      Midland, Texas 79705-5510

Item 2(a).     Name of Person
          Filing:                       Southwest Royalties, Inc.

Item  2(b).     Address of Principal               6 Desta Drive,
Suite 6500
          Business Office:              Midland, Texas 79705-5510

Item 2(c).     Present Occupation:           Not Applicable

Item 2(d).     Criminal Convictions:         None

Item 2(e).     Civil Securities Laws
          Injunctions or
          Prohibitions:                 None

Item 2(f).     Citizenship:                  Delaware, U.S.A.

Item 3.                                 Source      of     Funds:
                                        Working  capital  of  the
                                        Reporting Person.

Item 4.   Purpose of Transactions:

     The Reporting Person satisfied the requirements of the Right
     of  Presentment  contained  in  the  Issuer's  Agreement  of
     Limited   Partnership  whereby  the  Reporting  Person,   as
     Managing  General  Partner, agrees  to  acquire  Units  from
     limited  partners  seeking an exit  from  the  Issuer  at  a
     formula price.


Item 5.   Interest in Securities

     The  Reporting Person, which is the Managing General Partner
     of  the  Issuer, holds a total of 3,102.83 Units of  limited
     partnership  interests over which it  has  sole  voting  and
     dispositive  powers.   These Units represent  41.4%  of  the
     total  7,500  Units which are issued and  outstanding.   The
     purchase transactions which resulted in the ownership of the
     Reporting  Person  increasing from 40.3% to  41.4%  occurred
     between  January  1,  2005  and  March  31,  2005  when  the
     Reporting Person purchased an additional 67.5 Units as  part
     of the Issuer's Right of Presentment program.  The price per
     unit was $132.41.

Item 6.   Contracts, Arrangements,
          Undertakings or Relationships
          with Respect to Securities of
          the Issuer:                        Not Applicable

Item 7.   Material to Be Filed as
          Exhibits:                          Not Applicable



                           SIGNATURE


     After reasonable inquiry and to the best of my knowledge and
belief,  I  certify  that  the  information  set  forth  in  this
statement is true, complete and correct.





Date: April 8, 2005      By:  /s/ L. Paul Latham
                              ----------------------------------
                              L. Paul Latham, President and
                              Chief Executive Officer,
                              of Southwest Royalties, Inc.
                              the Managing General Partner