Add 2 tbsp. turpentine to a gallon of hot water. Scrub the floor with a soft rag soaked in the solution to remove old wax and polish buildup. If the floor doesn’t have any finish underneath the wax and polish, add 4 tbsp. linseed oil to the hot water solution to replace oils.
Mix a 50/50 solution of denatured alcohol and lacquer thinner to strip lacquer, shellac or varnish, or use a commercial stripper. Apply a liberal amount of the stripper to a small area of the floor. Rub the wet stripper into the floor with steel wool. Use grade 00 steel wool for hardwoods such as walnut, and use grade 000 for soft woods such as pine.
Wipe off the wet stripper with a rag soaked in a solution of 2 tbsp. turpentine, 4 tbsp. linseed oil and 1 gallon water. Continue applying stripper, rubbing it in with steel wool and wiping it with the turpentine solution until you remove all the finish.