I will be receiving a relatively large tax refund this year due to real estate depreciation. Should be around $40k. I max out all of my tax advantaged retirement account and would like to save up to buy a larger multi family investment property. Where should I park that money? I have a HYSA paying 4.6% but want to want to make sure I’m not missing a more lucrative or tax exempt option.

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Treasury bills. Will be state tax exempt and a higher rate.

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Most recent 4 week tbill was around 5.4%. It will be state/local tax exempt, unlike HYSAs/CDs.

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Seems like you are saving for the short term and want to minimize tax .. is yes - park it in a
Municipal Money Market Fund
Intermediate Term or Limited Term Tax Exempt Fund

These are better if you are in higher tax bracket (generally 32% plus.. 24% bracket and lower , HYSA might be better based on the rate)

If you are investing for the long term - open a regular brokerage and invest the 40k in the same ratio as desired portfolio allocation. Don’t overthink it.

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