There aren't unique federal tax rules specifically for Virginia that differ from the general rules applicable across the U.S. The 1031 exchange, under Section 1031 of the Internal Revenue Code, allows for the deferral of capital gains taxes on the exchange of like-kind properties, and this rule applies uniformly across all states.
The Combined Rate accounts for Federal, State, and Local tax rate on capital gains income, the 3.8 percent Surtax on capital gains and the marginal effect of Pease Limitations (which results in a tax rate increase of 1.18 percent).
Virginia levies state taxes at rates ranging from 2.00% to 5.75%, assessed over progressive income brackets.
