For tax year 2018 and prior years I have used Turbotax Premier to properly record rental income and expenses on a townhome we were renting out. We no longer rent out the property and instead use it as a second home. I purchased Premier again for 2019 and started out by copying over last years (2018) return. When the topic of rental income/expense came up I deleted the townhome from the rental property section. Is that correct and if so will the prior year cost basis (adjusted for expenses / depreciation) still exist in turbotax should we decide to sell the property in a future year?
If you have removed the information concerning your rental property in the 2019 version of TurboTax, you will only be able to see that rental information on the 2018 return you prepared.
In the year your rental operation ceased, you should have answered "Yes" to the question "Was this the final year of your Rental Operation" on the T776 - Statement of Real Estate Rentals. When you answer "Yes" to this question, the T776 with your rental information will not carry forward to the next year of TurboTax.
If and when you do sell the property, you will need to refer to the information you've entered and saved on the 2018 tax return, then manually enter the figures.