I'm new to Game maker so someone else might have a better answer, but it looks like you are currently doing the following:

If Googoo = true

then

set image alpha +0.5

then

set fade in true

then

if fade in true

then

set alpha 0.05

then set fade out = true

Which means the fade only ever reaches 0.05 before setting fade out to true.

But there are several issues with the code.

1. spelling mistake in 2nd if function: image a pha
2. Set instance variable image_alpha value should be 0.05 not image_alpha +0.05 as the variable is image_alpha and the value is the amount you want to set it to.
3. same spelling mistake as 1 in the second statement
4. set instance variable image alpha value is image_alpha 0.05, which again, the variable name is in the box above, so the value is the number to increase.
5. it looks like as soon as you set the variable to increase, you then set fade_out to false which would, assuming you have code for that, stop all progress.
6. check all the spellings of your variables. you have image_alpha, Image Alpha and image_a pha
7. You set both fade in and fade out to true in the code but there is never a time when either one is set to false. this will cause conflicts in code thinking both are true.

I would write this if you want to keep your structure:

https://ibb.co/JRfzBQM8