Deactivating a lost item?

How to deactivate a magic item you lost? Is this possible? And if so how can i do this?

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This thread has been moved to Magic Items from Wicca.

Use a black candle and cast a spell breaking spell. As the candle burns name out what the item was, looked like and what magical properties it had. Then say that you wish to end all magic the item had. Let the candle fully burn out and bury the remaining wax.

Thanks for the answer