Tax expert question about options for hedging

If one were to open a new SPY position and buy Sept 2027 puts to cover their new position, and it were to tank (let's say 50%. yes it's unlikely. I'm just trying to make the example simple), is there a way to keep the position at the new lower cost basis without paying capital gains on the entire gain on the put options? Yes, I know VOO has a lower expense ratio. That's a different topic. If you just sell the options and keep the SPY position, your gain on the options is taxed. That's a tough pi