How To Generate A 1098 Document For Active Loans

IMPORTANT: While the Investment Dominator CRM provides users with the option to generate a 1098 document, you must consult with your CPA and have them review the document prior to submitting it to IRS or your buyer.

The Investment Dominator system gives you the option to generate a 1098 document for your active loans.

NOTE: The IRS deadline date to file this form is January 31st of the subsequent year so January 31st, 2021, is the deadline for the 2020 1098 document.

Also NOTE: This document only applies to active loans (this does not apply to lease purchases).

Step 1: Updating Your Buyer Information

Before we get started with the steps to generate the document one thing we want to check on is if the correct information is put in place for our buyer in order to have the fields input correctly.

Let’s start by opening your Investment Dominator then going into the ‘Marketing‘ tab:

You should have a contact record indexed under the ‘Buyer‘ Type. Locate your buyer then click on the ‘Edit‘ link to the right of the record:

Ensure that the contact record is linked to the property under the ‘Interested In‘ field and that the contact information like the buyer’s name, email, and phone are filled in:

Next, you will need to enter the address, city, state, and zip code of the buyer as these fields will be applied to the 1098 document.

Lastly, a critical step that needs to be completed or the 1098 document cannot be generated properly will be the SSN or TIN of the buyer. This is required in order the link the 1098 form to the buyer:

Part 2: Updating Your Information

Now that the information has been properly set-up for your buyer the next step you will need to do is make sure all of your information is correct.

Please proceed to the ‘Customize‘ section at the top of Investment Dominator and then click on ‘Company Information‘ this will allow you to to enter in your SSN or TIN into the system.

Step 3: Generating The 1098 Form

Next, you must go to your ‘Notes‘ section at the top of Investment Dominator and find the loan you want to generate the documents from.

Click the checkbox to the left the record of your choice then click the ‘Generate Documents‘ option at the top of the table:

You have the option to preview the document by clicking on the magnifying glass icon to the left the PDF icon.

NOTE: This is just a preview. Do not print directly from this preview page as that will not be compatible with the requirements for the 1098 document:

While the preview shows the correct placement this is only a preview to represent how the data will be printed on the final official paper.

When clicking on the PDF icon on the right side, however, this will be the correct setup for information that needs to be printed on the official form paper which can be requested from the IRS, purchased from an office supply store, or provided by your CPA. Please remember to consult with your CPA and have them review the document prior to submitting it to IRS or your buyer.

NOTE: There are three templates for the 1098 Form there is A, B, and C copy, please consult with your CPA on what to do with these three versions but generally speaking:

  • 1098 A – This one goes directly to the IRS
  • 1098 B – This one goes to the buyer of the loan
  • 1098 C – This one is for your records

IMPORTANT: While the Investment Dominator CRM provides users with the option to generate a 1098 document, you must consult with your CPA and have them review the document prior to submitting it to IRS or your buyer.

How To Edit/Delete Tags In BULK

Tags are used to index Land, House and/or Contact records in Investment Dominator; as well as, to group certain records for future reference. This article will focus primarily on editing or the deletion of existing tags assigned to multiple records in the CRM in a bulk manner.

Note: There is an existing article detailing how Tags and the Tagging Records process works in detail entitled, How Tags and Tagging Records Work In The Investment Dominator CRM.

Create a Tag

To create a tag in the CRM select ‘Customize > Tags > Add Tag button as shown…

Next, enter the new Tag Name and select the blue ‘Add‘ button as shown…

Note: In this example, the Tag will be used to tag land records on initial offers to search for the mailing of 2nd Offers in the near future.

Tag Records

To tag land records go to the ‘Land Deals’ tab and select the records for tagging, then select the ‘Tag’ function as shown….

Select the newly created tag from the drop-down list of tags to be assigned to the previously selected land records and press the blue ‘Confirm Tag‘ button as shown…

Note: This same methodology applies to the tagging of both House and Contact records in Investment Dominator.

System should display Records(s) successfully update message should display!

Editing/Deleting Tags In BULK

To edit/delete a tag in the CRM select ‘Customize > Tags > Scroll or PAGE to the specific TAG for editing or deletion.

Select the ‘Edit’ function to EDIT or DELETE the selected Tag as shown…

Note: The last created TAG will appear on the very end of the previously created tags list.

To Edit the existing TAG make any appropriate changes to the tag and press ‘Save’ function.

To Delete the existing TAG press the ‘Delete’ function.

NOTE: Editing or deleting the tag will remove any reference to the tag in any records in the system even if records were indexed using that tag.

Search By… Tag Option

You can now search all land records by the newly modified tag using the ‘Search By’ function and selecting the ‘Tag’ option. Select the specific tag to filter by and select the blue ‘Search’ button…

Searching by the selected Tag will return all records where this tag, (or modified tag) is now assigned.

If the specific tag was deleted from the system, the tag will NOT be available in the drop-down tags list for selection.

Add Records

For the most part, you’ll want to create records in the Investment Dominator by importing data from into either the ‘Land Deals’, ‘House Deals‘, or ‘Buyers List‘ tabs. However, from time-to-time you may need to create just a single record manually. For that please follow the process below…

Create A Land Deal Record

  • Click the ‘Land Deals‘ tab.
  • Click the ‘Add Record‘ option at the top right side of the screen.
  • Fill out the fields under both the ‘Caller’ as well as the ‘Owner of Record’ sections (which includes the owner’s Name and Address) as well as at minimum the ‘Property State’, ‘Property County’, and ‘Property APN’ fields.

Create A House Deal Record

  • Click the ‘House Deals‘ tab.
  • Click the ‘Add Record‘ option at the top right side of the screen.
  • Fill out the fields under both the ‘Caller’ as well as the ‘Owner of Record’ sections (which includes the owner’s Name and Address) as well as at minimum the ‘Property State’, ‘Property County’, and ‘Property Address’ fields.

Create A Buyer’s List Record

  • Click the ‘Buyers List‘ tab.
  • Click the ‘Add Contact‘ option at the top right side of the screen.
  • Fill out at a minimum the ‘Name’ and either a ‘Phone’, ‘Email’, or ‘Address’ for the Contact.

How To Search For, Or Filter/ Group Records

You can locate property records by using the ‘Search By’ option located at the top left side of the ‘Land Deals’ or ‘House Deals’ page. Continue reading “How To Search For, Or Filter/ Group Records”