by GabeC90 » Aug 9, 2019 Hello, If someone is trying to sell a diamond for $20,000+ In Texas.. do they have to pay state sales tax and taxes to the IRS? The buyer and seller are both confused about the process. It’s a personal sale and they are worried about how to handle the taxes. The seller wants to know if she has to remit sales tax and report the money received to the IRS? The buyer wants to know if she needs to report the money used to the IRS? Hopefully I explained it correctly. Thank you!