Originally Posted by canreader
The only way I've discovered is to skip to the end of the book and "finish" reading it. It goes back into your library and out of the I'm Reading section.
... and that is exactly the response I got from Kobo's help desk:
"To remove books from I'm reading on the Kobo eReader open the book you want to remove go to menu go to table of contents and go to the last chapter, open the last chapter and page to the end of the book as if you finished reading. When you go to the home page the book will be moved. "