If the college specified that it only accepts IELTS (it's very unlikely) then TOEFL scores are not useable. If the accept TOEFL scores then it would not hurt your application at all.

Both of the exams are designed to measure the proficiency of a person in four skills - Reading, Speaking, Writing and Listening. Unlike the TOEFL, IELTS measures all of the four skills independently.

The IELTS is an English language test that is used for educational, immigration and occupational purposes, and is accepted by over thousands of institutions across many countries worldwide. Jointly administered by the British Council, University of Cambridge ESOL Examinations and IDP Education Australia, IELTS uses British English, and is believed to be favored by United Kingdom and institutions in Commonwealth nations such as New Zealand and Australia. Depending on the entry requirements of your study program, you might need to take either the Academic or General Training IELTS exam.

On the other hand - The TOEFL test seeks to test your ability to communicate in English in specifically academic, university and classroom-based settings. It is also accepted by over thousands of institutions across many countries, including the UK, USA and Australia, as well as all of the world’s top 100 universities. TOEFL is administered by US-based organization the Education Testing Service, and so is conducted in American English. This test is more likely to be favored by American institutions.

Basic Difference - Aside from the different styles of English each exam is are based on, TOEFL exam questions are almost entirely multiple choice, whereas IELTS requires you to respond to a range of different question types such as short answer, gap-filling and short essay tasks. The IELTS is significantly shorter than the TOEFL exam, taking approximately 2 hours and 40 minutes versus four hours to complete. IELTS and TOEFL favour different modes of thought and problem solving. As TOEFL is primarily multiple choice, students will need to be able to think analytically to weigh up the differences between their options. IELTS requires more use of memory, and draws on broader comprehension skills as students are faced with different question styles.
Structural Difference - There are some structure differences-

Speaking - Whilst both exams have a speaking component, the is taken face-to-face with an examiner. In the TOEFL exam, you’ll answer six questions into a microphone which are recorded and later sent to a group of six reviewers. Your IELTS speaking score will only be determined by a single examiner. The duration of the IELTS test is 11-14 minutes and may not necessarily be on the same day as the other exam components, whilst the TOEFL will take about 20 minutes and is always on the same day as the rest of the exam. Where the IELTS exam features a range of different accents speaking in English, TOEFL only features American speaker.
Writing- The written component of the TOEFL exam is typed as opposed to the paper-based IELTS exam. TOEFL requires you to complete two tasks, the first of which will be a five-paragraph essay between 300-350 words. For the second task, you will need to take notes from a section of text and lecture excerpt on the same topic, and use them to construct a 150-225 word response. On contrary, the ielts test also has two sections, the first of which however requires you to summaries or explain information presented in a graph, chart, table or diagram. In the second, you’ll need to write a 200-250 word response to a prompt that offers a point of view, argument or asks you to write in a particular language style.
Listening - Tests vary quite significantly in their listening components. The TOEFL listening test is of 40-60 minutes long, and involves you listening to excerpts from university lectures or conversations on a university campus. You will be required to take notes whilst listening and answer a series of multiple choice questions afterwards. While, in the IELTS Listening students can answer questions whilst they are listening to the recordings, and will need to respond to a number of different question types and exercises of different lengths.
Reading - The reading tests for both exams are quite similar: the TOEFL reading test is made up of three-five reading sections you will have 20 minutes to complete, each drawn from academic content you’d be likely to encounter in a classroom. You will have to answer a series of multiple choice questions testing how well you’ve understood the texts. On the other hand The IELTS test has three sections also each 20 minutes long and with texts academic in nature, but with a wider range of question types that could be anything from ‘fill in the gaps’ to short answer. Questions are also designed to test how well you’ve understood the text in its particular use of language, ideas and style

Scoring and scale - The speaking and writing sections of the TOEFL are graded based on how they appear as a whole, including your range of vocabulary, writing style and grammar. Those of the IELTS are considered based on separate grades of individual criteria such as your use of logic, cohesion, grammar and fluency. For example, an essay with a logical progression of ideas but poor grammar will score higher in a TOEFL exam, whereas an essay with strong grammar and vocabulary that is weaker in expressing an idea will do better by the IELTS criteria.

The IELTS is graded on a band system from 1-9, on the other TOEFL is measured on the scale of 80–120.

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Essentially the same but some universities in US prefer TOEFL over IELTS. IELTS is more widely accepted

Aside from the different styles of English each exam is are based on, TOEFL exam questions are almost entirely multiple choice, whereas IELTS requires you to respond to a range of different question types such as short answer, gap-filling, and short essay tasks. The IELTS is significantly shorter than the TOEFL exam, taking approximately 2 hours and 40 minutes versus four hours to complete. IELTS and TOEFL favor different modes of thought and problem-solving. As TOEFL is primarily multiple-choice, students will need to be able to think analytically to weigh up the differences between their options. IELTS requires more use of memory and draws on broader comprehension skills as students are faced with different question styles.

The TOEFL may be a language test for non-native English speakers and is usually used as an entrance examination at universities and graduate schools. But while the TOEFL only tests academic subjects, the IELTS academic option will have academic reading and writing sections combined with general listening and speaking sections.
The TOEFL is more commonly accepted by American institutions, while the IELTS is more commonly accepted overseas, but many faculties accept scores from either exam.Generally speaking, the bulk of us schools surveyed stated they preferred TOEFL scores over many other English-language tests

Thanks for sharing this information.
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