Wash the horseshoe with warm water and mild detergent to remove any dirt or debris. Ordinary dish soap works fine.
Remove as much excess paint as you can using a metal putty knife or a wire brush. Rinse the horseshoe to remove any paint chips.
Boil the horseshoe and a teaspoon of detergent in a large pot with one-half to 1 quart of water. Let the horseshoe boil for at least 30 minutes. The horseshoe is ready when the paint is malleable and can be scraped off with a butter knife, putty knife or wire brush.
Remove as much paint as you can. Use gloves when removing paint to avoid burning your hands. Rinse the horseshoe to remove paint chips.
Coat the horseshoe with paint remover, also known as paint stripper. Use liquid, pour-on paint remover if you are removing just one or two layers of paint, and use brush-on paste paint stripper if you are removing multiple layers. Follow the directions included with the paint remover.
Rinse the paint remover from the horseshoe. Repeat the process with the paint remover if residual paint remains.