From: Tarina Sewell
It's also happening in textures that I have purchased full perm
It's perfectly normal for Photoshop not to display transparency in TGA files. The reason is that alpha channels do not always mean transparency. That happens to be the only thing SL uses them for, but in other programs, the alpha channel data could be interpreted to mean any number of things. Photoshop (except for 7.0) is smart enough not to make guesses about what you might want any particular alpha channel to be for. So by default, it shows you only the color channels. That's why your purchased textures look totally opaque.
Take a look at the channels palette. If the alpha channel is there, your image has a transparency map. If you want to see its effects, there are two ways to do it. The fastest is simply to turn on its visibility. The masked areas in the image will turn red, and the opaque areas will remain their normal color.
If the red isn't enough for you, and you really must see the transparency as actual visible transparency, then do the following:
1. In the Layers palette, double-click the background layer to turn it into a normal layer.
2. In the Channels palette, ctrl-click on the alpha channel's thumbnail to select everything in the channel.
3. In the Layers palette, click the Make New Mask From Selection button at the bottom of the palette. A layer mask will be applied to your background layer, as an exact copy of the alpha channel. Since the only function of layer masks is transparency, the mask will display the alpha channel data as transparency. Think of this as the manual way to do what SL does when it reads the alpha channel data.
4. Before you close the image file, remember to delete the mask you just created. If you save it with the mask applied, you'll likely end up with a white halo around the opaque parts of the image, since you will have destroyed the bleed area by masking it away. Remember, SL will pull the transparency information from the alpha channel, and nothing but the alpha channel. The color channels themselves are always opaque.
You'll, find, by the way, that the reverse of the above procedure is a great way to make alpha channels. Start with a mask, paint your transparency onto it however you want, and then copy the mask to an alpha channel as your final step before export to TGA. It only takes one extra mouse-click over doing it other ways, and you get to work with WYSIWYG the whole time.