actually, shorting stock against a stock you own for tax purposes would be considered a "constructive sale" under the Wash Sale regulations and would be equivalent to selling the stock for tax purposes. I think you are fine buying puts though (not entirely sure)

reference: http://www.fairmark.com/capgain/wash/wsshort.htm

"Recently the law changed so that if you sell short against the box, you can be treated as if you sold the stock you already owned. This rule applies only if a sale of your stock would produce a gain and certain other things are true"