SPX Collar to Hedge Portfolio – Tax Treatment?

I’ve been exploring using a SPX collar to hedge my equity exposure (a basket of 20 diversified stocks in my brokerage, and then the S&P 500 in my 401k). Based on my research, this could create tax complications, such as being considered a “mixed straddle” which opens a whole can of worms around deferring losses until my stock portfolio has reduced its unrealized gains. Does anyone have experience with this? FWIW the SPX doesn’t have massive overlap with my stock portfolio.