Heat the oil in a large pot. Brown half the meat. Remove meat and brown remaining meat. Return all the meat to the pot, adding onions and garlic.
Continue to cook on high for several minutes, stirring often.
Add tomato juice, beef broth, salt, and paprika.
Bring to a boil, cover, and reduce heat to a simmer. Cook for about 40 minutes.
Add potatoes and peppers. Cook for 15 more minutes or until the potatoes are tender.
Season with additional salt, pepper, and hot Hungarian paprika, if desired.