Added an automatic workflow that whenever an inventory record's "Status" is set to "E-Waste" it will remove the record from property receipt it belongs to, change the owner to "ewaste" and set the field "Does this device need a property receipt form?" to No.
If you already e-wasted a record you can either manually set the user to "ewaste" and set "Does this device need a property receipt form?" to No or to kick off the above workflow change the "Status" back to "Active" and then change again to "E-Waste".