Lines like v = 1 - v, or v ^= 1 or v= +!v will all get the job done, but they constitute what I would refer to as hacks. These are not beautiful lines of code, but cheap tricks to have the intended effect. 1 - v does not communicate "toggle the value between 0 and 1". This makes your code less expressive and introduces a place (albeit a small one) where another developer will have to parse your code.
Having instead a function like v = toggle(v) communicates the intent at the quickest glance.