Tax after selling renter property

[Bhushan Walde]

Hey guys,

I am in Texas, I bought my first property lived in it for 3 years then rented it for 2 years and now I sold it.

After selling this property, I bought 2 more rental properties from the proceeding.

Now my tax guy is saying I owe to the IRS. My question is. What are different deductions and can I do like for like exchange ? How Is that works?

Regards

Bhushan