Many individual owners of pass-throughs will get a new 20% deduction.The rules cover sole proprietors and owners of S corporations, partnerships and LLCs. REIT shareholders and partners in publicly traded partnerships also get the break. They can generally deduct 20% of so-called qualified business income. These provisions are, however, some of the most complex in the new law. There are lots of limits and restrictions to help deter gaming of the tax system. The break phases out for high earners in professional service fields, such as law, consulting, accounting, health or financial services, with taxable incomes in excess of $315,000 for joint returns and $157,500 for all other taxpayers. The deduction for business losses on individual returns is capped. The amount of trade or business losses that exceed a $500,000 threshold for couples and $250,000 for other filers is nondeductible, but any excess can be carried forward.