I currently rent my first home and live in another house. If my rental income just covers the mortgage of the property, is all rent received considered income?

[PaulaM]

Yes, you would report all income from rents received as income. 

Do continue to enter your expenses that you had for the home and depreciation. Depreciation and your other expenses may produce even produce a loss for the property. This loss can go against other income depending on your participation level and whether your investment is at-risk.

See below for IRS requirements for rental property.

https://www.irs.gov/pub/irs-pdf/p527.pdf